§ Mr. Luardasked the Chancellor of the Exchequer what was the average rate of increase of the money supply between June 1970 and February 1974 and between February 1974 and today.
§ Mr. DellMonthly series for the money supply going back to June 1970 are not available for either the narrower MI definition or the broader M3 definition. On the basis of the seasonally adjusted quarterly series, the average annual rates of growth over the nearest comparable periods were:
M1 M3 Per cent. Per cent. End of 2nd quarter 1970 to end of 1st quarter 1974 8.8 20.2 End of 1st quarter 1974 to end of 1st quarter 1975 15.6 10.0