£ Sterling (Purchasing Power)

HC Deb 07 March 1978 vol 945 cc618-9W

Mr. Wm. Ross

asked the Chancellor of the Exchequer if the purchasing power of the £ sterling were 100p at 1st January 1972, what it represented at 1st January 1978.

Mr. Denzil Davies

Taking the internal purchasing power of the pound as loop in January 1972, its value in January 1978 is estimated at 44p.

This estimate is based on the change in the General Index of Retail Prices.