§ Mr. Knoxasked the Chancellor of the Exchequer if he will publish in the Official Report (a) the percentage decrease in the internal purchasing power of the pound in 1977 and (b) for 1977, the sum of money giving an internal purchasing power equivalent to £1 in 1946.
§ Mr. Robert SheldonDuring 1977 the internal purchasing power of the pound, measured by the movement in the retail prices index, fell by 9.0 per cent. Long-run comparisons on this basis can only be regarded as approximations to the actual movement in prices: in these terms £6.28 in 1977 gave an internal purchasing power equivalent to £1 in 1946.
343W
§ Mr. John Mooreasked the Chancellor of the Exchequer (1) if he will publish in the Official Report a table showing for each month since March 1977 the new and old indices of the trade weighted depreciation of the £ sterling;
(2) if he will publish a table showing for each member country of the Organisation for Economic Co-operation and Development the percentage change in the trade weighted external value of its currency since mid-February 1974, arranged in descending order of appreciation.
§ Mr. Robert SheldonThe information requested is as follows:
(1) STERLING'S EFFECTIVE RATE INDICES SINCE MARCH 1977 New Index Old Index (Discontinued
with effect
from 1st March 1977)
1977— End March 61.8 57.1 April 61.6 56.6 May 61.6 56.7 June 61.3 56.5 July 61.7 56.5 August 62.3 57.2 September 62.3 57.2 October 64.6 59.6 November 63.5 58.4 December 65.2 59.6 1978— End January 66.5 609 February 65.2 59.0 March 61.8 55.7 April 61.4 55.6 May 61.4 55.8
(2) CHANGE IN EFFECTIVE RATE FOR OECD COUNTRIES* Percentage change mid-February 1974–21st June 1978 Switzerland + 56.7 Japan +34.6 Denmark +23.8 Austria +23.3 Germany +21.9 Netherlands + 12.0 Belgium +8.4 France +0.2 Norway -3.3 Sweden -3.7 USA -7.8 Canada -10.9 United Kingdom -26.6 Australia -29.8 Italy -32.3 * OECD countries for which an effective rate is calculated.