§ Mr. Arthur Lewisasked the Chancellor of the Exchequer whether he is aware that between October, 1964, and October, 1970, the purchasing power of the £ fell by 24.1 per cent. in cash terms, the 20s. purchasing value falling to 15s. 2d.; and what were the figures for the latest convenient stated date.
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§ Mr. HigginsTaking the value of a pound to be 20s. in October, 1964, its value in November, 1970, the latest date for which information is available, is estimated at 15s. 1d. This is equivalent to a fall in purchasing power of 24.6 per cent.
This comparison is based on the movement in the Consumer Price Index for calendar years adjusted by the movement in the General Index of Retail Prices for the months at the beginning and end of the period.