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Mr. Neubert
asked the Chancellor of the Exchequer by how much the internal purchasing power of the £ sterling has declined since decimal day; and whether he has any proposals for revising the currency system to take account of this.
Mr. Lawson
Between February 1971 and October 1979 the internal purchasing power of the £ sterling declined by 67 per cent. I have no proposals for revising the currency system to take account of this change in internal purchasing power.