HC Deb 29 January 1963 vol 670 cc152-4W
Mr. A. Lewis

asked the Chancellor of the Exchequer (1) whether he is aware that since 1951 the £ sterling has depreciated in purchasing value by 27 per cent.; what is the reason for this; and when the purchasing value of the £ sterling will be restored to its pre-1951 level;

(2) whether he is aware that since 1951 the index of retail prices has increased by 47 per cent.; and what action he proposes to take to restore his index figure to its pre-1951 level.

Mr. Barber

The increase in prices and consequential fall in the purchasing power of the £ has been mainly due to the excessive growth in money incomes compared with the growth of national production. The Government's policy

AREA (SQUARE FOOTAGE) OF INDUSTRIAL DEVELOPMENT CERTIFICATES ISSUED STANDARD REGIONS: QUARTERLY 1960 TO 1962
Standard regions
Area: Millions square feet
Northern North Eastern North Midland Eastern London and South Eastern Southern
1960
1st Quarter … 0.9 1.8 1.4 3.5 3.7 1.7
2nd Quarter … 1.2 2.9 2.2 1.7 3.6 1.6
3rd Quarter … 1.2 2.1 1.6 2.5 3.3 1.3
4th Quarter … 0.9 1.6 1.9 2.1 2.5 2.1
1961
1st Quarter … 1.1 0.6 1.4 1.8 3.0 1.3
2nd Quarter … 1.3 0.9 1.0 1.3 2.9 1.8
3rd Quarter … 0.8 1.1 0.9 1.2 2.6 0.7
4th Quarter … 3.4 0.7 1.1 1.0 1.6 0.7
1962*
1st Quarter … 0.8 0.6 0.7 1.1 1.6 0.9
2nd Quarter … 0.7 0.5 0.6 1.3 1.6 1.0
3rd Quarter … 0.5 0.7 0.7 1.0 1.4 0.6
4th Quarter … 0.9 0.5 0.5 1.2 1.2 0.6

— South Western Wales Midland North Western Scotland
1960
1st Quarter … 1.3 1.6 4.1 11.7 3.0
2nd Quarter … 2.2 0.7 2.4 3.5 2.2
3rd Quarter … 1.4 2.5 2.7 2.0 1.6
4th Quarter … 1.3 0.8 1.7 2.3 1.1
1961
1st Quarter … 1.2 0.6 1.4 3.1 2.6
2nd Quarter … 0.5 0.6 1.6 1.7 0.8
3rd Quarter … 0.6 0.9 1.2 1.4 0.9
4th Quarter … 0.5 0.3 0.8 1.3 0.6
1962*
1st Quarter … 0.8 0.7 1.2 1.0 0.9
2nd Quarter … 0.5 0.2 0.9 1.2 1.1
3rd Quarter … 0.5 0.6 1.0 1.3 0.8
4th Quarter … 0.6 0.6 0.6 1.0 1.0
* The 1962 figures are provisional.

is to work towards a faster growth of production combined with a growth of incomes in line with the rate of increase in production. This is exemplified by the acceptance of the target rate of growth of 4 per cent. suggested by the National Economic Development Council and by the setting up of the National Incomes Commission.

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