§ Ms. HarmanTo ask the Chancellor of the Exchequer which monetary aggregate takes precedence in the formation of policy in the event of M0 rising above and M4 falling below their respective target ranges.
§ Mr. NelsonCurrent spending in the economy has in the past been more closely related to M0 than to M4. The authorities also take account of a number of other domestic indicators, as well as the exchange rate, in their monetary policy decisions.