HC Deb 26 October 1976 vol 918 cc208-9W
Mr. Adley

asked the Chancellor of the Exchequer when he intends to write in answer to Written Questions numbers 182W and 183W, due for answer to the hon. Member for Christchurch and Lymington on 18th October 1976; and if he will publish the letters in the Official Report.

Mr. Robert Sheldon

I refer the hon. Member to the answers I gave on Tuesday 19th October—[Vol. 917, cols. 398–399.]

Mr. Freud

asked the Chancellor of the Exchequer (1) taking the value of £1 as 100p on 1st April 1976, what was the adjusted value of £1 on the anniversary of this date for each of the last seven years;

(2) taking the value of the £1 as 100p on 1st April 1976, what would be the adjusted value of the £1 on the anniversary of that date for each of the next seven years, assuming an annual rate of inflation equal to the average rate of inflation over the last seven years.

Mr. Robert Sheldon,

pursuant to his reply [Official Report, 25th October 1976] gave the following information:

The data from which the Retail Price Index is compiled are collected in mid-month. From April 1969 to April 1976 the index rose by 123.4 per cent., which is equivalent to an average increase of 12.2 per cent. per annum. Using the actual index over the past seven years and assuming an annual increase of 12.2 per cent. over the next seven years, the figures, rounded to the nearest 1p, are as follows:

£ P
April 1969 2.23
April 1970 2.12
April 1971 1.93
April 1972 1.82
April 1973 1.67
April 1974 1.45
April 1975 1.19
April 1976 1.00
April 1977 89
April 1978 79
April 1979 71
April 1980 63
April 1981 56
April 1982 50
April 1983 45