§ Mr. Bruce-Gardyneasked the Chancellor of the Exchequer what has been the growth of the money supply [M3] in the latest period of three months for which he has figures, expressed at an annual rate; and whether this was in conformity with the monetary policy of Her Majesty's Government.
§ Mr. DellIn the three months to the end of banking February seasonally adjusted M3 rose by about 6 per cent., or about 27 per cent. at an annual rate. The Budget measures, together with the operation of the supplementary scheme announced in December, are intended to reduce the growth of M3 from the rate experienced over the past year.