§ 15. Mr. Lennox-Boydasked the Chancellor of the Exchequer what has been the change in the purchasing power of the £ sterling since 1969.
§ Mr. HayhoeThe purchasing power of the £ sterling in March 1982 was 22 per cent. of its value in 1969.
§ Mr. Lennox-BoydDoes my hon. Friend agree that those who advocate that the Government should somehow act more slowly in dealing with inflation overlook the terrible fact that a mere 13 years ago £1 bought goods which today cost £5? Do they not also overlook the dreadful effect that that inflation has had on investment in our industry?
§ Mr. HayhoeThe figures that I gave are a dramatic illustration of the searing effects of inflation upon the economy. If we look back over those years, we see that the rate of the erosion of the £ sterling was greatest during the Socialist years.