§ Mr. Gouldasked the Chancellor of the Exchequer whether national savings are regarded as money for the purposes of monetary control; and whether he will publish a table showing net issues of different categories of national savings for each year since 1979 and for the current year to date.
§ Mr. RidleyBoth the wider measure of liquidity (PSL2), and M2 include some National Savings investments. The composition of the monetary and liquidity aggregates is set out in the Bank of England bulletin of December 1982, and the new transactions aggregate (M2) is described in the bulletin of March 1983.
Details of gross and net transactions in National Savings for 1979–80 to 1982–83 are given in tables 3.7 and 3.8 of CSO financial statistics. The provisional results for the first quarter of 1983–84 are:
National Savings: Net Contribution to Funding £ million NSC* 332 BSB -29 PSB 25 Income Bond 193 SAYE* -8 NSB Ordinary* 11 Investment* 83 * Includes accrued interest.