§ 2. Mr. Bruce-Gardyneasked the Chancellor of the Exchequer what has been the increase in the money supply during the current financial year to date.
§ Mr. Patrick JenkinIn the June quarter the money supply (M3), seasonally adjusted, increased by about £400 million. Figures for the September quarter are not yet available.
§ Mr. Bruce-GardyneIn his Budget Statement my right hon. Friend said that it would be his objective to see the growth of money supply slowed down as the year advanced. May we take it that the increase in the September quarter was less than the 12 per cent. annual rate in the June quarter, and that the Government intend to see that the rate of increase will continue to go down as the year proceeds?
§ Mr. JenkinAs I explained to my hon. Friend in my first Answer, the figures for the September quarter have not yet been published. The movements of money supply, in so far as the figures have been published, are very closely in line with my right hon. Friend's Budget forecast.