§ 23. Mr. H. Hyndasked the Chancellor of the Exchequer what was the purchasing power of the £ sterling at the latest known date, taking it as 20s. in October, 1951; and if he will give an estimate of the extent to which it is likely to be affected by increased rents, coal prices, and other costs now pending.
§ 1. Mr. Lewisasked the Chancellor of the Exchequer the purchasing value of the £ sterling on 1st July, 1957, compared with 1st October, 1951, using as the basis the £ sterling having a purchasing value of 20s. on the latter date and allowing for the depreciation of the £ sterling on the basis of the Index of Retail Prices since 1st October, 1951.
§ Mr. P. ThorneycroftOn the basis of the Index of Retail Prices, 16s. 1d. in May, 1957. The Index is not yet available for June or July, and I cannot estimate the effects of changes in prices 872 during those months or likely to occur in the future.
§ Mr. HyndIs the Chancellor bearing in mind the tests laid down by his own party at the last General Election to the effect that the Government will be judged according to the effect of their policy on prices and the value of the £?
§ Mr. ThorneycroftNot for that reason, because I rule out these electoral matters, but in the interest of the economy, I urge hon. Members on both sides not to press for expenditure, to encourage economy and not to criticise the credit squeeze.