HC Deb 26 January 1961 vol 633 cc44-5W
64. Mr. C. Osborne

asked the Chancellor of the Exchequer what is the internal purchasing power of the £ today, as compared with September 1956 and September 1939, respectively; and what assurance was given by the then Chancellor regarding the stability of sterling to the American Treasury during the 1956 financial crisis.

Mr. Barber

The figures for the internal purchasing power of the £ are 18s. 6d. now as compared with September 1956 and 7s. 2d. as compared with average of the year 1939. A comparison with September of that year is not available.

As regards the external value of the £, the then Chancellor, in the course of a Statement on the gold and dollar reserves and the economic situation on 4th December, 1956, declared to this House our intention to maintain the rate for the £ sterling at its present parity; but there were no undertakings given to the United States Treasury.