§ Mr. Austin Mitchellasked the Chancellor of the Exchequer if he will make a statement on his assessment of the effect of the purchase of commercial bills by the Bank of England on the level of domestic credit.
§ Mr. Ian StewartRapid increases in the bank's holdings of commercial bills can distort financial markets. But it is not possible to quantify precisely their effects on domestic credit.
§ Mr. Austin Mitchellasked the Chancellor of the Exchequer if he will publish in the Official Report a table showing the increase in the Bank of England's holding of commercial bills from May 1979 to May 1983 and from May 1983 to date, together with the increase in domestic credit as a percentage of £M3 money stock at the beginning of each period.
§ Mr. Ian StewartFigures for the increase in the bank's holdings of commercial bills over these periods are as follows:
Increase over banking months £ billion May 1979 to May 1983 6.8 May 1983 to November 1985 3.5 Information on changes in domestic credit and the £M3 stock may be found in "Financial Statistics", tables 11.1, 11.2 and 11.5.