§ Mr. Grimond
asked the Chancellor of the Exchequer what, allowing for depreciation in the value of money, is the present value, in terms of original cost, of Savings Certificates of the 7th, 8th and 9th issue, purchased when the issue was first available.
§ Mr. du Cann
The latest date for which information is available for changes in the purchasing power of the £ sterling is April 1963. The estimated value of a unit certificate at the end of April after allowing for the fall in the purchasing power of the £ sterling was:
7th Issue bought at 15s. in November, 1939–10s. 2d.;
8th Issue bought at 10s. in April, 1947–9s. 3d;
9th Issue bought at 15s. in February, 1951–14s. 11d.
The fall in the purchasing power of the £ sterling has been estimated on the basis of the changes in the consumer price index over the periods in question.