§ Mr. Lawsonasked the Chancellor of the Exchequer what was the annual rate of domestic credit expansion in: (a) the second half of the financial year 1975–76 and (b) the first half of the financial year 1976–77; and what is his best estimate of the comparable figure for the second half of 1976–77.
§ Mr. Denzil Davies,pursuant to his reply [Official Report, 20th December 1976] circulated the following answer:
Domestic credit expansion on the new definition was £4 billion at an annual rate in the second half of the financial year 1975–76 and £10.8 billion at an annual rate in the first half of the financial year 1976–77. On the basis of periods ending on bank "make-up" days, the corresponding figures are £4.8 billion at an annual rate for the second half of 1975–76 and £9.6 billion at an annual rate for the first half of 1976–77. In my right hon. Friend's statement of 15th December, he said that DCE would be kept to £9 billion in the year ending 20th April 1977.