§ Mr. Austin Mitchellasked the Chancellor of the Exchequer whether the monetary base has any role as a monetary target in the medium-term financial strategy.
§ Mr. WakehamA target was set in my right hon. and learned Friend's 1982 Budget for growth in 1982–83 of sterling M3 and PSL2, and M1. There is no target for the monetary base, but its behaviour is taken into account in interpreting monetary conditions.