asked the Chancellor of the Exchequer what has been the percentage change in the flow of money, measured by the product of the quantity of money and its velocity of circulation in each quarter since 1970; and what the corresponding increases were in prices and wages.

The following is the information requested:fic powers in pursuance of the policy outlined in "The Attack on Inflation after 31st July 1977" Her Majesty's Government have to ensure that private and public sector employers, namely the nationalised industries and local authorities, comply with the 10 per cent. earnings guideline in negotiations with trades unions.

Nationalised industries and local authorities are autonomous bodies but are expected to comply with the earnings guidelines. As regards the private sector I would refer the hon. Member to the answer I gave on 24th November to the hon. Member for Kingston upon Thames (Mr. Lambert)—[Vol. 939, c. 854].