asked the Chancellor of the Exchequer by how much the value of the £ sterling has declined annually since June 1972, expressed as a percentage of its value at that date.

The external value of the £ sterling, in terms of its trade weighted effective rate, declined by 15·9 per cent. between the end of June 1972 and March 1975, that is, an average 6·1 per cent. per annum. Over the same period the internal purchasing power of the pound declined by 31·4 per cent., some 12·8 per cent. per annum.