§ Mr. Ridley
asked the Chancellor of the Exchequer what number of £ sterling was of the equivalent value of £1,000 on 5th April 1974 on each of the following dates: 5th April 1975, 5th April 1976 and 5th April 1977, respectively.475W
§ Mr. Denzil Davies
The internal purchasing power of the £ sterling in April 1975 and in April 1976 is estimated to be, respectively, about 82 per cent. and 69 per cent. of its value in April 1974. Therefore, the respective sums of £1,215 and £1,445 would be required in April 1975 and in April 1976 to have an internal purchasing power equivalent to that of £1,000 in April 1974.
Information for April 1977 is not yet available. The internal purchasing power of the £ sterling in March 1977 is estimated to be about 58 per cent of its value in April 1974. The amount required in March 1977 to have internal purchasing power equivalent to £1,000 in April 1974 is approximately £1,710.
These estimates are based on movements in the General Index of Retail Prices.