HC Deb 18 October 1976 vol 917 cc327-8W
Mr. Gould

asked the Chancellor of the Exchequer by what percentage the £ sterling has depreciated in value in each month since April 1976 to the latest available date.

Mr. Robert Sheldon

Taking the average value of the pound in April 1976 as 100, the effective depreciation in subsequent months has been as follows:

April* 100
May* 97.9
June* 95.6
July* 97.0
August* 96.3
September* 91.5
13th October 86.7
* Mean of daily closing rates.

Mr. Sillars

asked the Chancellor of the Exchequer what was the purchasing power of the £ sterling in the year before entry to the EEC; and how this compares with the present position.

Mr. Denzil Davies

Taking the internal purchasing power of the pound in 1972 as 100p, its value in September 1976, the latest date available, was 53½p. The basis for these estimates is given in the leaflet "The Internal Purchasing Power of the Pound", obtainable from the Press and Information Service of the Central Statistical Office.

Mr. Adley

asked the Chancellor of the Exchequer what was the value of the £ sterling against the US dollar when the £ sterling was first floated in 1971; on what date thereafter it rose to the highest post-flotation value; and what was its value on that date.

Mr. Robert Sheldon

I will let the hon. Member have a reply as soon as possible.

Mr. Adley

asked the Chancellor of the Exchequer what was the percentage devaluation of the £ sterling against the US dollar at the time of the Stafford Cripps devaluation in the first post-war Labour administration; what was the percentage devaluation of the £ sterling against the US dollar at the time of the Callaghan devaluation in the second post-war period of Labour administration; and what has been the percentage devaluation of the £ sterling against the US dollar since October 1974 to date.

Mr. Robert Sheldon

I will let the hon. Member have a reply as soon as possible.