§ Mr. Wainwright
asked the Chancellor of the Exchequer by how much the £ sterling has diminished in value compared with July, 1962.
Mr. M. Macmillian
Taking the purchasing power of the £ sterling as 20s. in July, 1952, the comparable value for April, 1964, the latest date available, was 15s. 2d. This estimate is based on changes in the Consumer Price Index for calendar years, adjusted by movements in the Retail Price Index for the months at the beginning and end of the period.