§ Mr. Whitaker
asked the Chancellor of the Exchequer what consideration he has given to the advantages of the £-mil system of currency.
§ Mr. Callaghan
The £-mil system was closely analysed and rejected by the Halsbury Committee. The objections to it are that tests prove that people find it more difficult to calculate with three figure numbers; and to the extent that mils needed to be recorded on business machines the work and cost of conversion would be greatly increased; some cash registers could not be converted at all. The need to provide 1 and 2 mil coins would increase minting costs. The system is retrogressive in that it provides 319W for a farthing equivalent. The farthing was demonetised in 1960 and is not missed.