§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer what considerations underlie his preference for the use of monetary targets instead of domestic credit as a measure of inflationary risk; and if he will publish a table showing the expansion of domestic credit each year since 1979 as a percentage of money gross domestic product along with the the actual increase in the measure of the money supply that he uses in measuring inflation and assessing its impact.
437W
§ Mr. NelsonMonetary policy decisions are based on an assessment of a range of monetary indicators and other data, in particular the growth of narrow and broad money and movements in the exchange rate and asset prices.
Domestic credit expansion statistics are no longer collected. Statistics covering MO, M4 and its counterparts are published monthly by the Bank of England in "Monetary Statistics"; a longer run of data is contained in the Bank of England "Statistical Abstract", part 2. Gross Domestic Product data are included in table 2 of "Economic Trends", June 1994.