§ Mr. Arthur Lewisasked the Chancellor of the Exchequer whether he is aware that, taking the £ sterling as having a purchasing value of 20s. in 1914, it had fallen to 3s. 11d. in 1965; and what is the latest estimate of the decline of the £ sterling's purchasing value since the 3s. 11d. value in 1965.
§ Mr. MacDermotYes. The corresponding estimate for June, 1967, is 3s. 7d. This estimate is based on changes in the consumer price index for the years 1938–66, linked to changes in the cost of living index for earlier years and brought up to date by reference to the retail price index.