HC Deb 18 May 1978 vol 950 cc268-70W
Mr. Kenneth Clarke

asked the Chancellor of the Exchequer what is the current membership of the National Economic Development Corporation's Committee on Finance for Industry.

Mr. Joel Barnett

The current membership of the committee on Finance for Industry which was recently reconstituted is as follows:

Chairman Lord Roll of Ipsden, KCMG, CB—Chairman, S. G. Warburg & Co. Ltd.

Members

  • Mr. B. Asher—Director General, National Economic Development Office.
  • Mr. J. C. Burgh, CB—Deputy Secretary, Department of Prices and Consumer Protection.
  • Mr. I. Bonas—Chairman, Bonas Machines.
  • Mr. A. G. Christopher—General Secretary, Inland Revenue Staff Federation.
  • Mr. A. H. A. Dibbs—Deputy Chairman, National Westminster Bank.
  • Mr. G. Drain—General Secretary, National & Local Government Offices.
  • Mr. J. S. Fforde—Executive Director, Bank of England.
  • Mr. I. J. Frazer, CBE, MC—Deputy Chairman, Lazard Brothers & Co. Ltd.
  • Mr. J. Gormley, OBE—President, National Union of Mineworkers.
  • Mr. W. G. Haslam—Chief General Manager, Prudential Assurance Co. Ltd.
  • Mr. F. Jones, CBE—Deputy Secretary, HM Treasury.
  • Sir Arthur Knight—Chairman, Courtaulds Ltd.
  • Mr. D. E. Lea, OBE—Assistant General Secretary, Trade Union Congress.
  • Mr. A. J. Lippitt—Deputy Secretary, Department of Industry.

ANNUAIJSED GROWTH RATE
(percentage)
M1 Sterling M3
Three months to mid-April 1978 … … … … +19.3 +24.4
Six months to mid-April 1978 … … … … +21.4 +21.0
Three months to mid-February 1974 … … … … +5.3 +30.1
Six months to mid-February 1974 … … … … +5.1 +28.4

Over the 12 months to mid-April 1978 sterling M3 grew by 16.3 per cent. compared with an increase of 24.7 per cent. in the 12 months to mid-February 1974.

Mr. Maudling

asked the Chancellor of the Exchequer by how much the growth of the money suuply in the past financial year exceeded his estimates; what were the main causes of this excess; and what he estimates as its effects on the real economy in general and the rate of inflation in particular.

Mr. Denzil Davies

Over the 12 months to mid-April, sterling M3 grew by about 16¼ per cent., 3¼ percentage points above the upper end of the Government's 9 per cent. to 13 per cent. preferred growth range. The growth over the past financial year reflects in substantial measure the inflow of external funds to the non-bank private sector. This inflow corresponded to about 40 per cent. of the total increase in £M3; together with non-resident purchases of sterling assets, it may also have had an effect through its impact in reducing domestic interest rates. The linkages between short-term movements in

Sir Donald MacDougall, CBE—Chief Economic Adviser, Confederation of British Industry.

Mr. K. G. Smith—Director of Pensions, Reed International.

Mr. E. S. Swainson—Managing Director, Imperial Metal Industries Ltd.

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