§ 3. Mr. Doddsasked the Chancellor of the Exchequer the internal value of the £ sterling at the latest convenient date; and how this compares with similar dates in 1952, 1953 and 1954 taking the £ at 20s. in October, 1951.
§ The Economic Secretary to the Treasury (Sir Edward Boyle)It is estimated that the internal purchasing power of the £ was about 18s. 5d. in May, 1955, as compared with 20s. in October, 1951, and that the corresponding figures for May, 1952, 1953 and 1954 were 19s. 7d., 19s. 2d. and 19s. 1d. respectively. This estimate is based on the consumer price index between 1951 and 1954, and the Interim Index of Retail Prices thereafter.
§ Mr. DoddsDoes the Economic Secretary not appreciate how important it is for peace in the industrial world that the £ should be worth more and buy more? What are the Government doing to see that the £ is brought nearer to its 1951 value?
§ Sir E. BoyleOn that subject I can only refer the hon. Gentleman to the very 476 full speech made on 16th June by my right hon. Friend the Chancellor of the Exchequer during the debate on the Address.