§ Mr. Nigel LawsonTo ask the Chancellor of the Exchequer if he will publish a table showing, for each financial year from 1979–80 to 1989–90, inclusive, the amount of overfunding in(a) £M3 terms and (b) M4 terms.
§ Mr. Norman Lamont[holding answer 14 October 1991]: In-year overfunding from 1979–80 to 1989–90, inclusive, is shown in the following table. Figures for 1979–80 to 1987–88, inclusive, are shown in M3 terms and figures for 1988–89 to 1989–90 are shown in M4 terms:
In-year over ( + )/under ( - ) funding Financial year £ billion 1979–80 -1.1 1980–81 -1.5 1981–82 3.6 1982–83 1.8 1983–84 4.3 1984–85 4.7 1985–86 -0.3 1986–87 -0.4 1987–88 0.0 1988–89 2.7 1989–90 -0.7 Notes:
- 1. NSB Investment Account became part of National Savings at 31 December 1980 (from private sector to public sector).
- 2. Trustee Savings Banks became part of the non-funding sector from 31 December 1981 when "banking sector" became "monetary sector".
- 3. From 1988–89, the funding sector consists of the overseas sector and the domestic private sector excluding banks and building societies. In earlier years the building societies were additionally included in the funding sector.
118 - 4. Includes purchases of Treasury Bills by funding sector up to and including 1988–89. From 1989–90, purchases of Treasury Bills no longer count as funding.
- 5. The non-funding sector includes central Government, local authorities, public corporations, banks and. from 1988–89, building societies.