§ Mr. Austin Mitchellasked the Chancellor of the Exchequer whether he will publish in the Official Report a table showing (i) the increase in national income and (ii) the increase in sterling M3 in the period May 1979 to date, the corresponding figures from the second quarter of 1974 to May 1979, the ratio between national income and the money supply in each case and the reasons for any difference between these ratios.
§ Mr. Bruce-GardyneThe increases in national income can be found in "Economic Trends" and the286W "Monthly Digest of Statistics". Figures on £M3 and velocity are given in "Financial Statistics". It is necessary to make a rough adjustment for the enlargement of the monetary sector which raises the stock of £M3 by about 8.5 per cent. in 1981 Q4.
The behaviour of velocity has been discussed in evidence to the Treasury and Civil Service Committee and in successive editions of the MTFS.