§ Mr. Lawsonasked the Chancellor of the Exchequer if he will publish a table showing the annual rate of growth of £M3 seasonally adjusted, over the three-month periods ending in mid-March, mid-June, mid-September and mid-December for each of the past four years.
§ Mr. Denzil DaviesThe information is as follows
Mid-calendar month (end banking month) Percentage growth in sterling M3 over preceding three months expressed at an annual rate
1974— March … … +16.3 June … … +2.5 September … … +7.2 December … … +11.2 1975— March … … +5.8 June … … +11.2 September … … +8.8 December … … +5.0 1976— March … … +7.4 June … … +11.3 September … … +19.8 December … … +7.6 1977— March … … — 8.5 June … … +15.7 September … … +14.9 December … … +14.1 Note: All figures are seasonally adjusted.
The quarterly comparisons specified by the hon. Member are not coincident with the years to which the monetary targets currently apply.