76. Mr. Spearingasked the Chancellor of the Exchequer if he will state the main breakdown of the £1.3 billion supplementary budget of the European Community.
§ Mr. MooreThe Bank of England issues Treasury bills on behalf of the Treasury; it also buys Treasury bills before maturity to relieve money market shortages. Net transactions in Treasury bills by the Bank of England are published in table 8 of the bank's "Quarterly Bulletin". Gross purchases of Treasury bills from the monetary sector in the course of the Bank of England's money market operations since August 1981 are also published in the "Quarterly Bulletin". Changes in the money supply are published in table 11.2. Only net transactions in Treasury bills between the bank and the non-bank private sector affect sterling M3 — sales of bills to the non-bank private sector reduce monetary growth. It is not particularly meaningful, therefore, to calculate the ratio of total transactions to the change in the money supply.
The Treasury and Bank of England assess monetary conditions generally on a regular basis.