HC Deb 06 November 1980 vol 991 cc1443-4
3. Mr. Whitehead

asked the Chancellor of the Exchequer if he is now in a position to announce the result of the Treasury's study of the possible minting of a £1 coin.

7. Mr. Greville Janner

asked the Chancellor of the Exchequer whether he is now able to announce the results of his review of currency in the United Kingdom and the date for the introduction of a £1 coin especially in the light of further recent representations on this matter including that of London Transport.

The Financial Secretary to the Treasury (Mr. Nigel Lawson)

I have nothing to add to the reply which my right hon. and learned Friend the Chancellor gave to my right hon. Friend the Member for Worthing (Mr. Higgins) on 24 July.

Mr. Whitehead

As, under the present Government, the pound has now fallen to about a quarter of its value 10 years ago. is it not time that we got rid of the grubby £1 note and minted a coin, as 12 other European countries already have, to that value or more, which would have a lifetime expectancy much longer than that of the £1 note and would no doubt be known in public parlance—a small, almost valueless coin—as the "Thatcher"?

Mr. Lawson

That was a rather laboured supplementary question. The reply to which I referred made clear that the. matter is under consideration.

Mr. Janner

What representations has the Minister received from London Transport and what will he do as a result?

Mr. Lawson

London Transport has made clear that it is in favour of the £1 coin. We have received a number of other representations. All those representations are being taken into account in the consideration which, as I have said, is being given to this matter.

Mr. Marlow

If and when a £1 coin is introduced, will my hon. Friend take care to ensure that it is produced in metric measure so as not to give offence to our partners in Europe?

Mr. Lawson

I note what my hon. Friend has said and the deep sincerity with which he uttered it.