HC Deb 17 October 1972 vol 843 cc33-4W
Mr. Arthur Lewis

asked the Secretary of State for Social Services to what extent the floating of the pound sterling and the depreciation of the £ in value since his announcement of a 75p increase in retirement pensions have caused erosion between the date of announcement and the date of payment of this award.

Sir K. Joseph

On the basis of the movement in the General Index of Retail Prices up to August, which is the latest month for which figures are available, the increase of 75p, which was made in the standard rate of retirement pension at the beginning of this month, would have lost about 2½p in value since March, 1972, when it was announced.