§ Mr. Woofasked the Chancellor of the Exchequer what was the aggregate money supply, taking M3 together with private sector deposits with United Kingdom 771W banks, in each of the years 1974, 1975, 1976, and to the latest available date.
§ Mr. Denzil DaviesThe standard definition of sterling M3 includes all sterling deposits, including certificates of deposit, held by United Kingdom residents in both the public and private sectors, together with notes and coin in
(£m.) End of year 1974* 1975 1976 † 1977 ‡ 1. Private sector deposits with he United Kingdom banking sector (a) sterling 29,559 30,768 33,525 34,575 35,373 (b) foreign currency 2,398 2,939 3,891 4,226 4,057 2. Public sector deposits with he United Kingdom banking sector (a) sterling 656 924 921 1,042 1,167 (b) foreign currency 39 73 89 98 3. Notes and Coin held by the general public 5,085 5,903 6,714 7,287 7,525 4. Sterling M3 (a) unadjusted (equals l(a) + 2(a) + 3) 35,300 37,595 41,160 42,904 44,065 (b) seasonally adjusted 34,970 37,270 40,580 42,890 43,600 5. M3 (a) unadjusted (equals 4(a)+ 1(b) + 2(b)) 37,698 40,573 45,124 47,219 48,220 (b) seasonally adjusted 37,370 40,240 44,550 47,210 47,260 * There were some slight changes in definition in May 1975 as a result of which the 1974 figures are not precisely comparable with the rest. † These figures relate to the end of the third calendar quarter of 1977. ‡ These figures relate to 14th December 1977, the latest available date; but because of within-month patterns of financial flows, mid-monthly series cannot strictly be compared with those relating to end-calendar quarters.