§ Mr. Tim Rentonasked the Chancellor of the Exchequer what has been the month-by-month rate of increase since April 1975 in domestic credit expansion, expressed on an annual basis; and what his estimate is for domestic credit expansion growth in the current financial year.
§ Mr. Denzil DaviesDomestic credit expansion is by nature a flow concept: there are complex problems in calculating a meaningful stock figure for domestic credit outstanding or in calculating a rate of increase in such a stock. Monthly figures for the flow of domestic credit expansion are not available, but the table below gives seasonally adjusted quarterly figures for the flow of domestic credit expansion since April 1975.
263WIt is not the practice to provide forecasts of domestic credit expansion.
Domestic Credit Expansion* (£ million, seasonally adjusted) Year Quarters 1975 2 … … 2,042 3 … … 1,369 4 … … 373 1976 1 … … 1,483 * These figures include changes in transactions and revaluations in respect of foreign currencies. Source—Bank of England Quarterly Bulletin, June 1976.