HC Deb 27 April 1970 vol 800 c217W
Mr. Sheldon

asked the Chancellor of the Exchequer what estimate he has made of the current levels of the velocity of circulation of money.

Mr. Diamond:

On the basis of the latest estimates of national income published in Cmnd. 4328, G.N.P. at market prices is provisionally estimated at £45,651 million in 1969. The average stock of money during 1969, on the official definition, was £15,733 million. On this basis, therefore, the income velocity of circulation of money in 1969 was 2.90. The comparable velocity multiples for the five years from 1964 to 1968 inclusive were 2.91, 2.94, 2.93, 2.91 and 2.84. These figures do not allow for small distortions in the money supply series owing to new contributors.