§ 14. Mr. Duffyasked the Chancellor of the Exchequer what change took place in the broad version of the money supply M3 during the third quarter; and what is the annual up-to-date rate of change.
§ Mr. Patrick JenkinFigures for the change in M3 during the third calendar quarter of this year are not as yet available. Although the statistics gave a change in M3 between mid-September 1972 and mid-September 1973 of 28.4 per cent., this was inflated by special factors such as the effects of the changeover from purchase tax to VAT and the arbitraging activities of some of the banks' large customers. The change in the narrower version of the money supply M1 over the same 12-month period, not affected to the same extent by special factors, was 8.7 per cent.