§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer if he will set out in tabular form the relationship between the rate of increase in M3 and the level of inflation 18 months later.
§ Mr. LilleyFigures for the 12-month growth rates of M3 and the retail prices index are shown in the "Bank of England Quarterly Bulletin", table 11.3, and theMonthly Digest of Statistics, table 18.5, respectively.
§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer whether he will publish in theOfficial Report a table showing for each year since 1958 the velocity of monetary circulation in the United Kingdom, the reserve ratio of the banks and the banks' holdings of (a) Treasury bills, (b) other short-dated securities and (c) other gilt-edged securities, and the level of bank advances to (i) manufacturing industry, (ii) home loans and (iii) other purposes.
§ Mr. LilleyThe available information is not always in the form requested, nor back to 1958. Annual information on the velocity of circulation from 1963 is given in the table. Information on reserve ratios for the period in which they were in force may be found in the "Bank of England Statistical Abstract, No. 2", the "Bank of England Quarterly Bulletin" and "Financial Statistics". The most appropriate source for the other items requested is the monetary sector end-year balance sheets. These give information on outstanding levels of, inter alia, Treasury bills, British Government and Government-guranteed securities, loans for house purchase and total bank lending. Such information as is available is contained in the appropriate tables of "Financial Statistics" or the "National Income Blue Book" or on the central databank. Information on lending to manufacturing industry is876W available in the "Bank of England Statistical Abstract, No/", the "Bank of England Quarterly Bulletin" and in "Financial Statistics".
1Velocity of circulation 1963 2.94 1964 3.01 1965 3.04 1966 3.06 1967 3.01 1968 3.00 1969 3.13 1970 3.23 1971 3.20 1972 2.89 1973 2.63 1974 2.56 1975 2.98 1976 3.26 1977 3.53 1978 3.53 1979 3.66 1980 3.67 1981 3.40 1982 3.14 1983 3.06 1984 3.00 1985 2.93 1986 2.64 1 Derived as ratio of GDP(A) at current market prices to money stock M3, both series in seasonally adjusted form.