§ 64. Mr. C. Osborneasked the Chancellor of the Exchequer what is the internal purchasing power of the £ today, as compared with September 1956 and September 1939, respectively; and what assurance was given by the then Chancellor regarding the stability of sterling 45W to the American Treasury during the 1956 financial crisis.
§ Mr. BarberThe figures for the internal purchasing power of the £ are 18s. 6d. now as compared with September 1956 and 7s. 2d. as compared with average of the year 1939. A comparison with September of that year is not available.
As regards the external value of the £, the then Chancellor, in the course of a Statement on the gold and dollar reserves and the economic situation on 4th December, 1956, declared to this House our intention to maintain the rate for the £ sterling at its present parity; but there were no undertakings given to the United States Treasury.