HC Deb 12 July 1978 vol 953 cc607-8W
Mr. Shepherd

asked the Chancellor of the Exchequer if the value of the £ was 100 pence on 1st January 1974, what is its real value on 1st January 1975, 1st January 1976, 1st January 1977, 1st January 1978 and 1st June 1978.

Mr. Denzil Davies

For every constant value £—as measured by real personal disposable income—consumers had in their pockets in the first quarter of 1974 they had £1.04p in the first quarter of 1978.

However, taking the internal purchasing power of the pound as 100p in January 1974, its value in the subsequent months specified is estimated as follows:

January 1975 83p
January 1976 68p
January 1977 58p
January 1978 53p
May 1978 51p

The estimates are based on changes in the General Index of Retail Prices. May 1978 is the latest date for which information is available.