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Mr. Knox
asked the Chancellor of the Exchequer, taking the £ as 100p today, what its equivalent purchasing power, expressed in terms of new pence, was in 1914, 1938, 1947 and 1951, respectively.
Dr. Gilbert
Taking the internal purchasing power of the pound as 100p in December 1974, the latest available date, its value is estimated to have been:
1,050p in | 1914 |
670p in | 1938 |
370p in | 1947 |
300p in | 1951 |
The basis for these estimates is given in "The Internal Purchasing Power of the Pound", a leaflet released by the Press and Information Service of the Central Statistical Office.