§ 11. Mr. A. Lewisasked the Chancellor of the Exchequer to what extent it is Government policy to reduce the cost of living to its 1951 level, and to restore the purchasing value of the £ sterling to its pre-1951 figure.
§ Mr. MaudlingIt is one of the primary aims of the Government's economic policy to secure greater stability of costs and prices in the future; but it is no part of our policy to return to the situation which existed before 1951 in this or any other matter.
§ Mr. LewisDoes not the right hon. Gentleman recollect the promises made by the Conservatives to reduce the cost of living, make the £ worth something and to "mend the hole" in our purses? Is he aware that the £ is now at its lowest level ever in peace or war and 958 that the cost of living is the highest ever? When are these promises to be redeemed, considering that the Conservatives have been in office for twelve years? Gin he not do something to implement them?
§ Mr. MaudlingThe Question referred to 1951. What I can quite fairly say is that if we were to return to the conditions of 1951 there are few, if any, people who would not be very much worse off.
§ Mr. H. HyndDoes not the right hon. Gentleman remember the criterion laid down by the leaders of his party—that a Government will be judged by the effect of their policy on prices and the value of the £?
§ Mr. MaudlingI think that the Government will be judged on this occasion by the effect on the standard of living of the people, and we are happy to be judged on that.