§ Mr. Skeetasked the Chancellor of the Exchequer what is the annual rate of growth in money supply, expressed as a percentage, recorded on the latest month in 1972 for which figures are available; and how he reconciles this with the current rate of growth.
§ Mr. NottThe money supply (M3, seasonally adjusted) grew by about 2 per cent. in the month to mid-April. Because of erratic fluctuations it is misleading to gross up monthly movements into annual rates. It is usual for the money supply to grow rapidly at times when spending is picking up after a period of slow growth.