§ Mr. Arthur Lewisasked the Secretary of State for Social Services whether he will publish in the OFFICIAL REPORT the dates when the last two increases in retirement pensions were made and the percentage or cash increases made, taking the purchasing value of this pension as equalling 100 on the first date, after allowing for the depreciation in the purchasing value of the £ sterling; by how much for each month since then the purchasing value of these pensions has increased or depreciated; and on the basis of the average monthly fall during the past 12 months, what he estimates the pension will be worth in September, 1971.
§ Mr. DeanThe last two increases in retirement pension occurred on 26th October, 1967, and 3rd November, 1969. In October, 1967, the pension rate for a single person rose fom £4.00 to £4.50—a 12.5 per cent. increase. In November, 1969, it rose from £4.50 to £5.00—an 11.1 per cent. increase. In September, 1971, the pension will rise from £5.00 to £6.00 —a 20 per cent. increase.
The table below shows the movement month by month of the purchasing power of the pension from October, 1967, taking the £4.50 rate at that date as equal to 100. The relative value of the £6 pension to be introduced in September, 1971, cannot be forecast in advance, but 247W we are confident it will then be worth more than the pensions at the last up-ratings in October, 1967, and November, 1969.
Index of purchasing power of standard rate Retirement Pension for single person October, 1967 = 100 Index 1967 October (new rate £4.50) 100.0 November 99.4 December 98.8 1968 January 98.4 February 98.0 March 97.6 April 95.9 May 95.8 June 95.5 July 95.4 August 95.2 September 95.2 October 94.7 November 94.5 December 93.2 1969 January 92.7 February 92.2 March 91.9 April 90.9 May 91.0 June 90.6 July 90.6 August 90.8 September 90.5 October 89.9 November 89.7 1969 November (new rate £5.00) 99.6 December 99.0 1970 January 98.2 February 97.7 March 97.1 April 95.6 May 95.3 June 95.1 July 94.4 August 94.5 September 94.0 October 93.0 November 92.4 December 91.7 1971 January 90.5 February 90.0 March 89.3 April 87.4 May 86.8