43.
asked the Chancellor of the Exchequer if he has any plans to develop additional measures to M3 of the money supply.
£M3 is not the only available measure of the money supply. The Government has targets for MO and £M3, and statistics are published for a number of other definitions of money. There are no plans to develop further measures.
48.
asked the Chancellor of the Exchequer if he will make a statement on the current level of M3.
The growth of sterling M3 remains hard to interpret. The over-subscription for Abbey Life has distorted this month's figures. The surge in investment financing to take advantage of the higher capital allowances available in 1984–85 is still unwinding. Part of recent £M3 growth may also be the result of structural changes in the financial sector which do not carry adverse implications for future inflation.