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Money Supply

Volume 12: debated on Monday 9 November 1981

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asked the Chancellor of the Exchequer (1) by what percentage sterling M3 rose in the 12-month periods prior to the beginning of each month from January 1979 to November 1981;(2) by what percentage M1 rose in the 12-month periods prior to the beginning of each month from January 1979 to November 1981;(3) by what percentage M3 rose in the 12-month periods to the beginning of each month from January 1979 to November 1981.

Money supply figures based on the beginning of calendar months are not available. On a banking month basis the 12 month increases in M1, £M3 and M3 over this period are as follows—the latest published data are for banking September 1981:

Change, per centM1M3£M3
1978December15·214·613·6
1979January14·515·114·1
February13·314·112·9
March12·711·411·3
April15·410·111·3
May13·810·111·6
June13·110·611·8
July13·09·611·2
August12·611·812·8
September12·011·712·5
October14·512·913·6
November11·113·413·5
December8·711·611·9
1980January7·610·411·0
February5·110·010·5
March5·812·812·5
April3·212·411·0
May2·513·111·6
June3·812·512·0
July5·517·116·8
August3·718·217·6
September3·617·417·3
October1·517·017·6
November3·717·218·6
December6·919·220·0
1981January5·419·818·6
February8·820·518·6
March7·420·518·3
Change, per cent.M1M3£M3
April11·321·519·8
May12–621·719·6
June12·122·618·7
July11–820·815·4
August9·920·214·4
September11·722·916·6