HC Deb 28 May 1970 vol 801 cc544-5W
Mr. Onslow

asked the Chancellor of the Exchequer what was the equivalent value in October, 1964 of £1 sterling today.

Mr. William Rodgers:

Taking the internal purchasing power of the £ as 20s. in April, 1970, the latest date for which information is available, its value in October, 1964 is estimated to have been 25s. 7d. This estimate is based on movements in the annual consumer price index adjusted by changes in the index of retail prices for the months at the beginning and end of the period.

Mr. Emery

asked the Chancellor of the Exchequer if he will state the decline in the value of the £ sterling between November, 1967, and the latest date for which figures are available, and the annual rate of inflation that has been necessary to produce that decline.

Mr. William Rodgers:

Taking the internal purchasing power of the £ sterling as 20s. in November, 1967, its value in April, 1970, the latest date for which information is available, is estimated at 17s. 5d. In this period consumer prices rose at an average annual rate of 6 per cent. These estimates are based on movements in the annual consumer price index adjusted by changes in the index of retail prices for the months at the beginning and end of the period.

Mr. Speed

asked the Chancellor of the Exchequer what is his latest estimate of the decline in the purchasing power of the £ sterling since October, 1964, November, 1967, and December, 1969, to the present day, respectively, in both percentage and cash terms.

Mr. William Rodgers:

Taking the internal purchasing power of the £ sterling as 20s. in October, 1964, November, 1967 and December, 1969, its respective values in April 1970, the latest date for which information is available, are estimated at 15s. 7d. (22 per cent. decline), I7s. 5d. (13.1 per cent. decline) and 19s. 4d. (3.4 per cent. decline). These estimates are based on movements in the annual consumer price index supplemented by monthly changes in the index of retail prices.