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Monetary Targets

Volume 929: debated on Thursday 7 April 1977

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asked the Chancellor of the Exchequer if, from international sources available to him, he will publish the monetary targets proposed or adopted for 1977 and 1978 by major OECD countries, such as the United States of America, Germany, France and Italy, and the rates of growth of monetary expansion in those countries in each year since 1974, using the same measure as that embodied in the targets now adopted.

The major OECD countries which have adopted monetary targets for 1977 are the United States, Germany, France and Canada. Japan has not announced a formal target. Italy has in the past agreed annual targets for domestic credit growth with the IMF and EEC. She has not finalized a target for 1977, pending the outcome of the negotiations on her application to the IMF for a further loan. No country has adopted a target for 1978. The targets and rates of monetary growth since 1974 are shown in the table below.The possibility of issuing a special tax pamphlet for one-parent families is being pursued. Earlier action had been deferred in view of tax changes consequent on the new child benefit scheme.