HC Deb 31 January 1949 vol 460 cc201-2W
Sir J. Mellor

asked the Chancellor of the Exchequer, on the assumption that the pound sterling had 20s. purchasing power in June, 1914, if he will give an estimate of the purchasing power of the pound sterling in June, 1939, June, 1945 and June, 1948, exclusive of the benefits of food subsidies; and a further estimate of the purchasing power if all subsidies had been withdrawn as at June, 1948.

Sir S. Cripps

Reckoned over the whole field of personal expenditure the purchasing power of the pound was approximately as follows in the years in question:

Average for year 1914 100
Average for year 1939 63
Average for year 1945 42
June, 1948 36

As has been explained on previous occasions, figures which ignored the cost of living subsidies would have no real meaning.