asked the Chancellor of the Exchequer what would have been the growth of the monetary aggregates, M1 and M3, for each of the years 1970, 1971, 1972, 1973, 1974 and for the first four months of 1975 if they had been adjusted on the United States basis to include the deposits of non-residents in sterling and foreign currencies with United Kingdom banks.
The amounts outstanding at the end of each year—not seasonally adjusted—are given in the table below. Percentage increases over the previous year are shown in brackets.
I would refer the hon. Member to the answer I gave to my hon. Friend the Member for Blaydon (Mr. Woof) on 16th May 1975—[Vol. 892, c. 189–190.]—for forecasts of total United Kingdom receipts from the Community Budget in 1975. Receipts from the Community budget during the first four months of this year under the four headings referred to by the hon. Member were as follows:(provisional outturn)
asked the Chancellor of the Exchequer what is his latest estimate of the United Kingdom levy contributions to the European Coal and Steel Community budget in 1975: what is his latest estimate of the likely United Kingdom receipts in loans and grants, respectively, from the ECSC budget in 1975; what were the United Kingdom's actual receipts in 1973 and 1974 from the ECSC budget, in grants and loans respectively, at the latest estimate; and what were the United Kingdom's actual receipts in 1973 and 1974 from the European Investment Bank at the latest available estimate.
The latest estimate of the United Kingdom's levy contribution to the European Coal and Steel Community budget in 1975 is £9·3 million. It is not possible to estimate the total of receipts likely to be obtained by the United Kingdom from the ECSC budget in 1975 since this will depend on the level of applications from the United Kingdom. During the first five months of 1975 the iron and steel industries received grants of £5·2 million, and the Commission has approved a further £11·5 million which has yet to be paid. The steel industry has received loans totalling £45 million, and the coal industry £51 million. The Commission has also approved further loans to the United Kingdom of £62 million, under Articles 54 and 56.The level of actual receipts in 1973 and 1974 is not known since in many cases payment is made direct to the firms concerned, but it is estimated that the United Kingdom obtained grants totalling about £12 million in 1973 and £2 million in 1974. The steel industry received loans totalling £9 million in 1974, and the coal industry £18 million.The European Investment Bank made three loans to the United Kingdom in 1973 totalling £32·9 million, and nine loans totalling £79·9 million in 1974.