§ Mr. Nicholas Winterton
asked the Chancellor of the Exchequer what was the rise in the supply of money as a percentage for each quarter for the period 1970 to 1978.
§ Mr. Lawson
The quarterly percentage increases in sterling M3 (seasonally adjusted) are given, from 1972, in table 7.1 (continued) of the current (April) issue ofFinancial Statistics, a copy of which is in the Library. Equivalent percentage increases in Ml and M3 are also provided. The percentage increases in sterling M3 in the earlier years were:
PERCENTAGE INCREASE IN STERLING M3 (SEASONALLY ADJUSTED) 1970 1st quarter 1.5 2nd quarter 2.9 3rd quarter 2.2 4th quarter 2.8 1971 1st quarter 3.8 2nd quarter 1.4 3rd quarter 2.4 4th quarter 5.1