HC Deb 21 March 1974 vol 870 cc1310-1
13. Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer what was the increase in the money supply, according to the M3 definition, over the latest period of three months for which figures are available, expressed at an annual rate; and whether this rate of increase is in conformity with the monetary policies of Her Majesty's Government.

Mr. Dell

In the three months to banking January, M3 rose by about 6 per cent. or about 27 per cent. at an annual rate. On monetary policy, I must ask the hon. Gentleman to await my right hon. Friend's Budget Statement on Tuesday.

Mr. Bruce-Gardyne

In view of some of the things that the right hon. Gentleman used to say in opposition, that was a rather cautious reply. In the light of what the Chancellor used to say in opposition about the monetary policy of the previous Government, would the right hon. Gentleman urge him to consider returning to the practice of the right hon. Member for Birmingham, Stechford (Mr. Jenkins) and publishing in the Budget a target figure for the growth of the money supply in the year ahead?

Mr. Dell

I do not think it would be appropriate to fix a target, but my right hon. Friend has heard what has been said and no doubt he will consider it.

Mr. Biffen

Does the right hon. Gentleman regard that figure of 27 per cent. as too high, about right, or too low?

Mr. Dell

I do not like it at all.