£ Sterling

HC Deb 15 July 1976 vol 915 cc261-2W

Mr. Knox

asked the Chancellor of the Exchequer by how much the purchasing value of the £ sterling has fallen since 1958: and, from information available from international sources, how this reduction compares with the figures for the currencies of the other member countries of the European Economic Community.

Mr. Denzil Davies

The internal purchasing power of the £ sterling fell by 68 per cent. between 1958 and April 1976, the latest date for which information about the countries in question is generally available. Corresponding figures for the other member countries are:

			per cent.
Belgium	…	…	55
Denmark	…	…	67
France	…	…	63
West Germany	…	…	47
Irish Republic(1)	…	…	70
Italy	…	…	65
Luxembourg	…	…	50
Netherland	…	…	61
(1) To February 1976.

Source: United Kingdom—"The Internal Purchasing Power of the Pound", leaflet obtainable from the Press and Information Service of the Central Statistical Office.

Other countries—Consumer price indices published by OECD.