§ 52. Mr. Michael Shaw
asked the Chancellor of the Exchequer what has been the annual average decline in the value of the sterling between October, 1964, and the latest date for which figures are available; and what was the corresponding figure for the period October, 1961, to October, 1964.
§ Mr. Harold Lever
It is estimated that the value of the £ sterling declined at an annual average rate of 4.0 per cent. between October, 1964, and February, 1969, the latest date for which figures are available, and at an annual average rate of 2.5 per cent. between October, 1961, and October, 1964. These estimates are based on changes in the consumer price index between the calendar years 1961 and 1967 adjusted by movements in the retail price index between 1967 and 1968 and in the odd months at the beginning and end of the period.