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Money Supply

Volume 976: debated on Friday 21 December 1979

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asked the Chancellor of the Exchequer whether he will circulate in the Official Reporta table showing for each year since 1968 to date the percentage increase in (a) sterling M3, (b) the appropriate figure for national product or output, (c) the difference between (a) and (b), (d) the percentage increase in retail prices and (e) the difference between (c) and (d).

Mid-year data for sterling M3 stock (seasonally adjusted) are given for recent years in Financial Statistics,table 7.1 (the latest issue is for November 1979) and for earlier years back to 1963 in Economic Trends Annual Supplement 1979, page 130. An appropriate national accounts aggregate for comparison is "total domestic expenditure at current market prices" in that it includes expenditure on imports and excludes expenditure on exports, and may be thought of as financed by sterling M3. Annual data for that aggregate from 1957 to 1978 are given in National Income and Expenditure 1979 (the Blue Book), table 1.1. Annual averages of the general index of retail prices and its percentage increase on the previous year for 1968 to 1978 are given in Economic Trends, page 42 (the latest issue is for November 1979).