§ 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.