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£ Sterling (Purchasing Value)

Volume 640: debated on Friday 19 May 1961

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asked the Chancellor of the Exchequer whether he is aware that, taking the internal purchasing value of the £ sterling as 20s. in October, 1951, it had declined to 18s. 7d. in February, 1953, and to 16s. 1d. in February, 1957; and what was the comparable figure for February, 1961.

Yes, on the basis of the retail price index. The comparable figure for February, 1961, is 14s. 11d.