§ Mr. Arthur Lewisasked the Chancellor of the Exchequer when he expects to be able to announce to what extent he estimates the floating of the £ sterling will, in general, increase the costs of all British imports, and food imports in particular; and to what extent he expects these increases will raise the cost of living.
§ Mr. NottPast experience shows that it is extremely difficult to assess the effect on import prices and the cost of living of exchange rate changes, and it will be a considerable time before a reliable estimate can be made.
§ Mr. Arthur Lewisasked the Chancellor of the Exchequer what is now the Government's policy regarding the need to end the floating of the £ sterling and return to a fixed parity before Great Britain can enter the Common Market.
§ Dr. Glynasked the Chancellor of the Exchequer, taking the internal purchasing power of the £ sterling, as published by the Central Statistical Office, as 100 at 1st May, 1970, what was the corresponding figure at 30th April, 1972.
§ Mr. NottTaking the internal purchasing power of the £ sterling to be l00p in May, 1970, its value in May, 1972, is estimated at 87p.
This estimate is based on changes in the Consumer Price Index for calendar years adjusted by movements in the General Index of Retail Prices for the months at the beginning and end of the period. Prices were recorded on 19th May, 1970, and 16th May, 1972.