§ Mr. Bryant Godman Irvineasked the Chancellor of the Exchequer on the basis of the £ on 1st May, 1969, what is its current purchasing value today, in new curency and in old; and what percentage variation this represents.
§ Mr. HigginsTaking the value of a pound to be 20s. Od. in mid-May, 1969, its purchasing power in January, 1971, the latest date for which information is available, is estimated at 17s. 11d. an equivalent of 89½p. This represents a fall of 10½ per cent.
This estimate is based on the movement in the General Index of Retail Prices for the whole of the period, as the Consumer Price Index for 1970 is not yet available.