§ Mr. Meacherasked the Chancellor of the Exchequer (1) what percentage of each quarterly change in sterling M3 money stock since January 1975 is represented by that quarter's change in borrowings by, respectively, central Government, local authorities, public corporations, industrial and commercial companies and the personal sector;
370W(2) what percentage of sterling M3 money stock is represented by borrowings by, respectively, central Government, local authorities, public corporations, industrial and commercial companies and the personal sector, for each quarter since January 1975.
§ Mr. Lawson[pursuant to his reply, 8 December 1980,]: The information is as follows:
371W372W373W
Sector Borrowing and Sterling M3 As a percentage of Sterling M3 Borrowing by: Central government Local authorities Public corporations Industrial and commercial compani Personal sector end quarter stock quarterly change end quarter stock quarterly change end quarter stock quarterly change end quarter stock quarterly change end quarter stock quarterly change 1975 1st quarter 3 *-241 2 *-132 -*7 3 *-265 1 *-89 2nd quarter 7 254 2 64 — 10 2 69 2 91 3rd quarter 6 223 1 20 — 2 2 57 2 66 4th quarter 7 353 1 38 1 47 3 142 4 195 1976 1st quarter 4 *-514 1 *-68 — *-2 2 *-224 3 *-349 2nd quarter 6 158 1 20 1 32 4 116 3 81 3rd quarter 4 109 1 18 1 21 3 82 3 72 4th quarter 4 163 1 39 1 50 4 170 4 192 1977 1st quarter 1 *-57 1 *-46 — †4 3 *-135 3 *-108 2nd quarter 4 108 -1 ‡-15 1 32 4 95 3 82 3rd quarter 1 20 1 25 1 43 2 88 3 120 4th quarter 4 79 -1 ‡-12 1 16 3 58 5 90 1978 1st quarter 1 49 2 65 -1 ‡-59 3 145 3 146 2nd quarter 6 151 — ‡-8 -1 ‡-17 3 80 4 111 3rd quarter 5 184 — 12 — -9 2 65 4 143 4th quarter 6 109 — ‡-2 1 14 3 63 5 92 1979 1st quarter 1 *-64 2 *-261 — *-56 4 *-590 4 *-527 2nd quarter 7 148 — ‡-9 — ‡-9 5 97 5 108 3rd quarter 5 178 1 41 1 21 1 38 5 178 4th quarter 6 125 1 13 — 2 2 42 5 99 1980 1st quarter -3 †356 2 *-252 -1 †115 4 *-453 3 *-359 2nd quarter 7 106 1 13 -1 ‡-7 4 60 4 63 —Less than ± ½ per cent. *Sterling M3 change negative (ie fall); borrowing positive. †Sterling M3 change negative; borrowing negative (ie net repayment). ‡Sterling M3 change positive; borrowing negative. Sterling M3 change and borrowing both positive in all other cases. The sterling M3 figures used in these calculations are published in tables 7.1 and 7.2 in the November issue of Financial Statistics and the borrowing figures in the sources quoted in my reply to the hon. Member on 27 November. The figures are not seasonally adjusted; seasonally adjusted data can be derived from the sources quoted, except in the case of personal sector borrowing.