§ 14. Mr. Bruce-Gardyneasked the Chancellor of the Exchequer what was the rise in the money supply in the fourth quarter of 1969 by comparison with the corresponding quarter of 1968.
§ Mr. DiamondI assume that the Question mis-states the years.
The money supply rose by rather under 3 per cent., seasonally adjusted, in the last quarter of 1968, compared with a seasonally adjusted rise of rather under 2½ per cent. in the last quarter of 1967.
§ Mr. Bruce-GardyneMay I thank the right hon. Gentleman for correctly reinterpreting my figures. Is not it evident that the Government foolishly disobeyed the advice of the International Monetary Fund in failing to get a grip on the money supply last year, and is not the next dose of taxation due this afternoon as much due to the continued failure of the Government to heed this advice as to the present state of the economy?
§ Mr. DiamondI am not sure that the hon. Gentleman has sufficiently grasped the facts. The increase in the money supply in 1968 was only two-thirds of the increase in 1967, and it was rather less than the rise in G.N.P. over that period.