§ Lord Marlesfordasked Her Majesty's Government:
On what measure they have calculated that the £50 note introduced in March 1981 would have to be adjusted to £190 to have the equivalent purchasing power today, as indicated in the Written Answer by the Lord McIntosh of Haringey on 3 September (WA 35); and what adjustment would be needed if the Retail Prices Index were used to measure the change in purchasing power over the same period. [HL3309]
§ Lord McIntosh of HaringeyThe change in Retail Prices Index between March 1981, when the £50 note was introduced, and June 1998, the latest date for which data were then available, was used as the basis for calculating the change in the purchasing power of the banknote over that period. On this basis the adjustment necessary for the £50 note to have the equivalent purchasing power is £113 and not £190 as quoted in my earlier answer. I very much regret that the statisticians miscalculated this figure.