HC Deb 20 May 1974 vol 874 c32W
Mr. Paul Dean

asked the Chancellor of the Exchequer what was the value of the £ sterling at the latest convenient date compared with 1947.

Dr. Gilbert

Taking the internal purchasing power of the pound as l00p in 1947, its value in March 1974, the latest date available, is estimated to be about 30p. This estimate is based on the change in the consumers' expenditure deflator between 1947 and 1962 and the change in the General Index of Retail Prices for the period since 1962.