§ Mr. MaxtonTo ask the Chancellor of the Exchequer whether he intends to include a target for M3 in future editions of his medium-term financial strategy.
§ Mr. LilleyMy right hon. Friend announced in the 1987 Budget that there would be no formal target for M3 or any other measure of broad money in 1987–88. My right hon. Friend will announce his decisions on updating the medium-term financial strategy at the time of the 1988 Budget.
§ Mr. MaxtonTo ask the Chancellor of the Exchequer if he will give the percentage growth in M3 for the financial year 1986–87; and whether that growth exceeded his Department's M3 target in his medium-term financial strategy.
§ Mr. LilleyM3 grew by 19 per cent. in 1986–87. The 1986 medium-term financial strategy set a range of 11–15 per cent.