§ 37. Mr. Osborneasked the Chancellor of the Exchequer the value of the £ sterling in 1911 compared with today.
§ The Economic Secretary to the Treasury (Mr. Nigel Birch)It is estimated that £1 in 1911 had the equivalent purchasing power of £4 7s. 7d. in May, 1957.
§ Mr. JayIs the Economic Secretary aware that so far the effects of the Chancellor's speech in the City yesterday have been, first, a further fall in the price of War Loan, and secondly, a rumour that there is to be an autumn Budget? Even if the Chancellor cannot prevent a fall in gilt-edged, can we at least have an assurance that there is not to be an autumn Budget?
§ Mr. BirchThe right hon. Gentleman must not confuse the interest rates with the credit of the country. When our long-term rates were 2½ per cent. our currency was weaker than ever it has been before or since.
§ Mr. JayCannot the right hon. Gentleman at least give a plain assurance that there will be no autumn Budget this year?
§ Mr. SpeakerThe supplementary question seems very remote from the value of the £ in 1911.