§ Mr. LawsonTo ask the Chancellor of the Exchequer if he will publish a table showing, for each quarter from the first quarter of 1979 to the last quarter of 1990 inclusive, the percentage annual growth of(a) MO, (b) M4 and M3.
§ Mr. Norman Lamont[holding answer 18 October 1991]: Publication of M3 ceased in July 1989. The available information is contained in the following table.
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Growth rates of M0, M4 and M3: Percentage change over same quarter previous year Period ending M0 M4 M3 1979 Q1 12.4 12.8 11..7 Q2 12.3 14.1 13.3 Q3 12.6 14.6 13.3 Q4 12.3 14.4 13.0 1980 Q1 10.1 13.9 12.9 Q2 9.2 15.3 15.5 Q3 7.5 15.6 16.3 Q4 5.5 17.1 18.6 1981 Q1 7.0 17.4 18.0 Q2 5.6 17.0 16.9 Q3 5.8 16.5 16.9 Q4 5.2 13.9 25.0 1982 Q1 2.4 14.0 25.9 Q2 3.0 12.3 22.6 Q3 2.3 11.9 19.9 Q4 3.1 12.0 8.9
Period ending M0 M4 M3 1983 Q1 6.0 14.4 12.5 Q2 6.2 13.8 12.4 Q3 5.7 13.1 11.5 Q4 7.1 12.7 11.1 1984 Q1 5.0 11.5 8.2 Q2 5.2 12.5 8.1 Q3 5.8 13.1 9.2 Q4 5.5 13.2 10.1 1985 Q1 5.4 13.8 11.9 Q2 5.1 12.8 11.8 Q3 3.8 13.4 14.1 Q4 3.7 13.0 13.4 1986 Q1 5.1 14.5 16.9 Q2 3.5 15.7 18.9 Q3 4.7 15.8 19.0 Q4 6.2 15.6 19.3 1987 Q1 2.5 13.8 19.6 Q2 4.0 13.5 19.4 Q3 5.3 14.7 20.1 Q4 3.3 15.8 22.3 1988 Q1 6.4 16.8 21.0 Q2 7.7 16.8 20.2 Q3 8.1 18.7 22.4 Q4 8.5 17.3 20.0 1989 Q1 6.8 17.6 20.8 Q2 5.5 18.4 33.8 Q3 4.5 18.9 — Q4 5.7 18.0 — 1990 Q1 5.0 17.7 — Q2 6.4 16.9 — Q3 4.7 14.7 — Q4 2.5 12.2 — Source: Bank of England.