HC Deb 23 November 1971 vol 826 cc1115-6
5. Mr. William Price

asked the Chancellor of the Exchequer by how much, in percentage terms, the £ sterling declined in value during 1970.

Mr. Patrick Jenkin

Between December, 1969, and December, 1970, the purchasing power of the £ sterling fell by 7.3 per cent., on the basis of the change in the General Index of Retail Prices.

Mr. Price

Is the hon. Gentleman aware that a funny thing appears to have happened to that Question on its way to the printers' room, and that I have ended up with the wrong year? Is he nevertheless aware that, as a result of deliberate Government policy, millions of people are facing the worst Christmas in their lifetime? Does he not understand that most of them have given up any hope of any improvement under this Government, and that the best present he could give them this Christmas is the departure of the whole shower opposite?

Mr. Jenkin

I think it will be true to say that a funny thing happened to that supplementary, too. On the basis of the alternative form of the retail price index, excluding the effects of the seasonal food movement, and that accounts for only about 5 per cent. in the retail price index, I think that the hon. Gentleman may be interested in the following figures: percentage changes on six months earlier at an annual rate were—May, 1971, 11.3; June, 1971, 11.1; July, 10.8; August, 10.1; September, 9.4; and October, 6.7. That is a record of success.

Mr. Lipton

Would it not be true to say that since the present Government returned to power the people of this country have never been had so good?