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Mr. Major
asked the Chancellor of the Exchequer what has been the growth of the money supply as measured by M1 and M3 definitions, respectively, and of the rate of inflation as measured by the
( h) paper, printing and publishing, ( i) textiles, ( j) construction and ( k) gas, electricity and water.
Mr. Biffen
[pursuant to his reply, 18 March 1980, c. 149–51]: The figures requested are shown in the following table:retail price index for each separate year from 1970 to 1979.
Mr. Lawson
[pursuant to his reply, 19 March 1980, c. 230]: The information is as follows:
| M1* | Sterling M3* | Percentages Inflation† | |
| 1970 | 9·6 | 9·8 | 6·4 |
| 1971 | 9·6 | 13·4 | 9·4 |
| 1972 | 14·1 | 25·2 | 7·1 |
| 1973 | 5·3 | 26·9 | 9·2 |
| 1974 | 11·0 | 10·3 | 16·1 |
| 1975 | 13·9 | 6·7 | 24·2 |
| 1976 | 11·5 | 9·6 | 16·5 |
| 1977 | 22·1 | 10·2 | 15·8 |
| 1978 | 16·8 | 15·3 | 8·3 |
| 1979 | 9·3 | 12·9 | 13·4 |
| * The annual percentage increase is derived by taking the sum of the quarterly unadjusted changes as a percentage of the seasonally adjusted money stock outstanding at the end of the previous year (Financial Statistics, tables 7.1 and 7.2). | |||
| † Year on year increase in retail price index (Economic Trends, Table 42). | |||