§ Sir Knox Cunningham
asked the Chancellor of the Exchequer what on the basis of the £ sterling being worth 20s. on 8th October, 1964, is its value on the latest convenient date.
§ Mr. William Rodgers:
Taking the internal purchasing power of the £ sterling as 20s. 0d. in October, 1964 its value in March, 1970, the latest date for which information is available, is estimated at 15s. 10d.
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.