Domestic Credit Expansion

HC Deb 22 May 1980 vol 985 cc331-2W

23. Mr. Beith

asked the Chancellor of the Exchequer whether he believes that sterling M3 is a more significant index than any measure of domestic credit.

Mr. Lawson

Yes. However, as explained in the Green Paper on monetary control, we think it desirable to monitor measures of credit expansion such as DCE and, in formulating policy, to take account of the growth of monetary aggregates other than sterling M3.

35. Mr. Richard Wainwright

asked the Chancellor of the Exchequer whether he is satisfied with the current rate of domestic credit expansion.

Mr. Lawson

I refer the hon. Member to the reply I gave earlier today to the hon. Member for Knutsford (Mr. Bruce-Gardyne).