asked the Taoiseach the number of pence by which the pound has dropped in real money terms during the period 1st March 1973 to 1st March 1976.
Ceisteanna—Questions. Oral Answers. - Value of £.
1.
Changes in the value of the pound are measured on the basis of changes in the consumer price index, which is compiled in respect of mid-February, mid-May, mid-August and mid-November. The latest index available is that for mid-November, 1975.
On the basis of the index, it is estimated that one pound in mid-November, 1975, would purchase the same quantum of goods and services as 65.8 pence in February, 1973, so that the value of the pound declined by 34.2 pence between the two periods.