§ 6. Mr. Lewisasked the Chancellor of the Exchequer to give an estimate of the cost to the Treasury of restoring the purchasing power of post-war credits to their 1943 level.
§ Mr. H. BrookeThe total of post-war credits now outstanding is estimated at about £529 million. This amount would have to be increased by about £320 million to provide the same amount of purchasing power at 1943 prices. This is based on the Consumer Price Index brought up to date by the Interim Index of Retail Prices.
§ Mr. LewisCan the Minister say how many more months it will take for the additional rise in the cost of living to wipe out completely the relative purchasing power of this money at the rate we are going?
§ Mr. BrookeWhen my right hon. Friend's Budget is enacted it will have very great influence in stabilising the cost of living.
§ 7. Mr. Lewisasked the Chancellor of the Exchequer the amount of post-war credits remaining to be repaid for each of the years since the inception of the scheme; and the relative purchasing power of the total amounts for each year, taking the £ as being worth 20s. in the year when the scheme was introduced.
§ Mr. H. BrookeAs the reply contains a number of figures, I will, with permission, circulate it in the OFFICIAL REPORT.
§ Mr. LewisHas there been any improvement in the position over the last four years during any period since the Government have been in office, a Government pledged to reduce the cost of 753 living and to make the £ worth something? Can the right hon. Gentleman show any improvement?
§ Mr. BrookeI do not quite know what the hon. Member means by "improvement." He has asked for figures for postwar credit years which ran from 1941 to 1946.
Following is the reply:The table below shows the estimated amounts of Post-War Credit still outstanding at mid-November, 1955, and the approximate purchasing power of these amounts now compared with 1941.
| Year in which Post-War Credit created | Amount still outstanding at mid-November, 1955 | Equivalent Purchasing Power at 1941 prices | |
| £ million | £ million | ||
| 1941–42 | … | 97 | 53 |
| 1942–43 | … | 120 | 66 |
| 1943–44 | … | 24 | 13 |
| 1944–45 | … | 146 | 80 |
| 1945–46 | … | 142 | 78 |
| The final column is based on the Consumer Price Index brought up to date by the Interim Index of Retail Prices. |