HC Deb 23 February 1979 vol 963 c331W
Mr. Powell

asked the Chancellor of the Exchequer, pursuant to his answer of 15 February, if he will state the percentage increase of money supply as nearly

NOVEMBER 1976—NOVEMBER 1977
Percentage increase in money supply
United Kingdom* … … M1 20.8 £M3 7.1
West Germany … … M1 10.5 M2 9.5
Switzerland … … M1 5.5 M2 7.0
NOVEMBER 1977—NOVEMBER 1978
Percentage increase in money supply
United Kingdom* … … M1 14.1 £M3 13.4
West Germany … … M1 12.7 M2 14.3
Switzerland … … M1 23.5 M2 8.1
* Banking months.

Sources:

United Kingdom—Financial statistics.

West Germany—Bundesbank.

Switzerland—Swiss National Bank report.

Figures are given for both a narrowly and a broadly defined money supply aggregate. M2 is the nearest equivalent aggregate to sterling M3 in Switzerland and West Germany. Differences in national definitions—reflecting differences in financial structures—however, mean that these comparisons cannot be exact.