§ Mr. Tim Rentonasked the Chancellor of the Exchequer what quantities of new long-dated Government stock were sold to the non-banking public in the months of April, May, June, July, August, September and October 1976, separately stated; and what quantities the Government hope to sell between November 1976 and March 1977 if their money supply target of 12 per cent. growth is to be met.
§ Mr. Denzil DaviesI regret that the information is not available in the form requested. In the first quarter of the 1976–77 financial year, total net sales of all Government stocks to the domestic non-bank public were £814 million; figures for the second quarter will be published 593W in the December issue of the Bank of England Quarterly Bulletin.
There is no single figure for the sales of Government stock necessary during the remainder of the financial year to secure the 12 per cent. target for the growth of the money supply. The amount of the sales required will depend on a range of factors influencing the growth of the money supply, including bank lending to the private sector and external finance of the public sector.