£ Sterling (Purchasing Power)

HC Deb 07 April 1971 vol 815 cc183-4W

70 and 71. Mr. Kaufman

asked the Chancellor of the Exchequer (1) what is the purchasing power of £9.70 now, taking it as 970p in November, 1969;

(2) what is the purchasing power of £6 now, taking it as 600p in November, 1969.

Mr. Higgins

Between November, 1969, and February, 1971, the latest date for which information is available, the purchasing power of 600p declined to 547p and that of 970p to 884½p. These comparisons are based on the movement in the Consumer Price Index adjusted by the movement in the General Index of Retail prices for the months at the beginning and end of the period.

Mr. Kaufman

asked the Chancellor of the Exchequer what is the purchasing power of the £ sterling now, taking it as 100p in November, 1969.

Mr. Higgins

Taking the purchasing power of the £ sterling as 100p in November, 1969, its value in February, 1971, the latest available date, was about 91p. This estimate is based on the change in the consumer price index adjusted by changes in the General Index of Retail Prices for the months at the beginning and end of the period.