HC Deb 08 February 1973 vol 850 cc161-2W
Mr. Knox

asked the Chancellor of the Exchequer by how much the purchasing value of the £ sterling has fallen since 1958; and, from information available from international sources, how this reduction compares with the figures for the member countries of the European Economic Community.

Mr. Nott

The table below gives estimates of the fall in the internal purchasing power of the currency of each of the nine countries of the European Economic Community between 1958 and November 1972, the latest date for which data are available for all countries. For the United Kingdom, the estimate is based on changes in the Consumer Price Index for calendar years up to and including 1968 and on changes in the General Index of Retail Prices thereafter. For the other eight countries the estimates are based on movements in the consumer price indices published by the Organisation for Economic Co-operation and Development.

Percentage fall in internal purchasing power of currency between 1958 (average) and November 1972
United Kingdom 44
Belgium 35
Denmark 53
France 47
Germany 34
Irish Republic 49
Italy 42
Luxembourg 32
Netherlands 47


OECD Main Indicators Historical Series 1957–1966.

OECD Main Indicators January 1973.