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Domestic Credit Expansion

Volume 984: debated on Thursday 15 May 1980

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asked the Chancellor of the Exchequer what has been the increase in domestic credit expansion during the latest quarter for which statistics are available, at an annualised rate, and for the latest year, respectively; and whether these figures are in accordance with the monetary policy of Her Majesty's Government.

Domestic credit expansion in the last three and the last 12 banking months was:

£ million, seasonally adjusted
3 months to mid-March 1980 (that is 7,556 at an annual rate)1,889
12 months to mid-March 19809,896
The figures might change somewhat when revised seasonal adjustment factors for the counterparts to money supply growth over the past year are published on 15 May with the money supply figures for banking April.These figures are consistent with the Government's monetary policy which is formulated in terms of an objective for the growth of the £M3 measure of money supply.