HC Deb 16 February 1971 vol 811 c1585
5. Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer what is his latest forecast of the rate of growth in the money supply in the current financial year.

Mr. Barber

I do not think it would be appropriate to give forecasts of the money supply at various points during the course of the year.

Mr. Bruce-Gardyne

My right hon. Friend has said that he intends to ensure that the growth of the money supply shall be restricted to something less than the going rate of inflation. Would it not facilitate the achievement of this essential object of economic strategy if, at any rate for the time being, the upper parity limit for sterling were suspended?

Mr. Barber

No. I have dealt with this matter before and have explained that I do not think it would be appropriate. I appreciate my hon. Friend's point about forecasts, but for the reasons I have mentioned I do not think it would be appropriate to give these.