§ 39. Mr. Doddsasked the Chancellor of the Exchequer the internal purchasing value of the £ sterling at the latest convenient date when compared with 20s. in October, 1951; and how it compares with 1st January, 1955.
§ The Economic Secretary to the Treasury (Sir Edward Boyle)As regards the first part of the Question, I would refer the hon. Member to the reply given by my right hon. Friend the Chancellor of the Exchequer to the hon. Member for Accrington (Mr. H. Hynd) on 26th July. The corresponding figure for January, 1955, was 18s. 6d.
§ Mr. DoddsDoes the hon. Gentleman appreciate the need at least to stabilise the internal value of the £ for the sake of industrial peace in this country? Since it seems that it is going to take another nose dive, will he state what action, is being taken to avoid a very grave situation?
§ Sir E. BoyleI also realise that whereas the purchasing power of the £ has fallen by 2s. under the present Government, it fell by 4. 7d. in the last three years of the Government formed by hon. and right hon. Members opposite.