Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 30 June 1964.
Mr William Small
, Glasgow Scotstoun
12:00,
30 June 1964
asked the Chancellor of the exchequer what is the value of the £ sterling measured in terms of January 1952; and what has been the decline in value in each of the last 12 years.
Mr Maurice Macmillan
, Halifax
As the reply includes a table of figures, I will, with permission, circulate it in the OFFICIAL REPORT.
Mr William Small
, Glasgow Scotstoun
Does not a cursory glance at the figures show a further deterioration since 1952 in the value of the £? What confidence can small savers have in Government securities and in postwar credits?
Mr Maurice Macmillan
, Halifax
The hon. Gentleman has reinforced the point which my right hon. Friend the Chancellor and, indeed, my right hon. Friend the Prime Minister have been making constantly about the need to combat inflation. As regards small savers, if the hon. Gentleman examines the figures of the increase in savings over past years he will find that, whatever he thinks, they have a certain confidence in the future of the country under a Conservative Government.
Mr William Ross
, Kilmarnock
Surely the first part of this Question involves only one figure? Can we have that figure, and thus find out how successful the Government have been in "mending the hole in the purse"?
Mr Maurice Macmillan
, Halifax
The Question asked for a whole table of figures. [HON. MEMBERS: "No."] The£ was worth 14s. 6d. in May 1964, compared with 20s. in January 1952.
Miss Irene Ward
, Tynemouth
Why does not my hon. Friend state what security people have who invested in Daltons? Why does not my hon. Friend tell hon. Gentlemen opposite that?
Following is the table:The table below shows the purchasing power of the £ sterling in each of the years 1953 to 1963 inclusive and in May 1964, taking its value as 20s. in January 1952. These estimates are based on changes in the consumer price index for calendar years adjusted by reference to the movements of the retail price index in the months at the beginning and end of the period.
The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
The Chancellor - also known as "Chancellor of the Exchequer" is responsible as a Minister for the treasury, and for the country's economy. For Example, the Chancellor set taxes and tax rates. The Chancellor is the only MP allowed to drink Alcohol in the House of Commons; s/he is permitted an alcoholic drink while delivering the budget.
