HC Deb 30 October 1956 vol 558 cc137-8W
Mr. Lewis

asked the Chancellor of the Exchequer why the purchasing value of the £ sterling has depreciated from 20s. in October, 1951, to 16s. 5d. in September, 1956.

Mr. H. Macmillan

I would refer the hon. Gentleman to the White Paper on the Economic Implications of Full Employment for a detailed analysis of the reasons for the fall in the value of money since the war. The main reason, as I have pointed out many times, is that personal incomes (in money terms) have risen faster than production. The Government have made great efforts this year to bring home to both sides of industry the need for restraint. I think we shall have some success. I am glad to see that the Index of Retail Prices has remained steady since April of this year.

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