§ Mr. Austin Mitchellasked the Chancellor of the Exchequer whether he will circulate a table in the Official Report showing for each year since 1970 and each quarter since 1 January 1976 (a) domestic credit expansion as a percentage of sterling M3, (b) domestic credit expansion as a percentage of the increase in sterling M3 and (c) a breakdown showing by value the classes of transactions on current and capital account which go into domestic credit expansion and not sterling M3.
§ Mr. LawsonInformation from which (a) and (b) can be derived is shown in tables 7.1 and 7.3 of Financial Statistics.
Regarding part (c) of the hon. Member's question, references to Financial Statistics tables covering the balance of payments current account and external capital flows were given in my answer to the hon. Member on Thursday 20 December,—[Vol. 976, c. 336–38.] Because of differences in conventions between the balance of payments accounts and the financial sector accounts—which provide the definitional framework for 379W the monetary aggregates—it is difficult to present precisely the accounting relationship between balance of payments transactions, DCE and Sterling M3. The possibility of introducing a table in Financial Statistics which gives some guidance on this matter is. however, being explored.