§ 1. Mr. Greville Jannerasked the Chancellor of the Exchequer whether he will now introduce a £1 coin.
§ The Minister of State, Treasury (Mr. Peter Rees)The possibility of introducing a £1 coin has been considered, but no decision has been reached.
§ Mr. JannerAs the value of the pound has dropped by nearly 75 per cent. since the 50p coin was introduced, can the Minister at least assure the House that the Government are considering the various possibilities for £1 coins and the size and shape that they will have when they are introduced?
§ Mr. ReesAs I indicated, the Government are certainly considering the possibility. They will consider closely the size, shape and, indeed, the weight, which is an important consideration for users.
§ Mr. WallerWill my hon. and learned Friend consider the advantages of bringing in a new tier of currency involving 20p, 50p and £1 coins? Does he agree that that would get rid of the present unpopular 50p piece and introduce a new 20p piece, which would be for the convenience of many people?
§ Mr. ReesI am not sure how unpopular the 50p piece is. The need for an intermediate coin was recognised by the Decimal Currency Board. We shall certainly bear it in mind.