§ 35. Mr. Jayasked the Chancellor of the Exchequer what steps he proposes to restrain the growth of inflation and preserve the value of the £ sterling.
§ Mr. JayCan we be assured now, in view of the Chancellor's recent alarmist speeches, that he will this afternoon put forward concrete proposals?
§ Mr. BirchNo doubt the right hon. Gentleman will listen with attention to what my right hon. Friend has to say.
§ 42. Mr. de Freitasasked the Chancellor of the Exchequer whether he is aware that, taking the internal purchasing value of the £ sterling as 20s. in October, 1951, it had declined to 18s. 3d. by June, 1953, 17s. 3d. by June, 1955, and 16s. 5d. by June, 1956; and what was the comparable figure for June, 1957.
§ Mr. BirchThe answer to the first part of the Question is "Yes." The answer to the second part is 15s. 11d. These calculations are based on the Index of Retail Prices.
§ Mr. de FreitasIn view of the Chancellor's contradictory statements, can the Minister clear up the question which has been asked in the Press and elsewhere whether this continuing decline in the value of the £ is to be taken as a grim warning of the bright future that looms ahead, or, on the other hand, as an encouraging sign of the impending doom which brightens our prospects?
§ Mr. BirchWhile appreciating the hon. Gentlemen's ready wit, I would ask him to await my right hon. Friend's speech.