Sterling Rate

Mr. Knox

asked the Chancellor of the Exchequer by what percentage (a) sterling M3, (b) M1 and (c) M3 rose in the 12-month periods to the beginning of each month since April 1984.

The figures requested by the hon. Member for June 1984 to June 1985 were published using revised seasonal adjustments in the Bank of England's following figures press release on 18 July 1985. The following table provides the information for April and May 1984 on the same basis.

	£M3	Ml	M3
Annual growth rates up to:
mid-April 1984	7·9	13·6	10·7
mid-May 1984	8·0	13·7	9·3

	Notes and coin in circulation with public	United Kingdom private sector sterling sight deposits		Money stock Ml (columns 1+2+3)			Money stock £M3 (Ml + column 5)			Money stock M3 (£M3+column 7)
		Non-interest-bearing	Interest-bearing	Unadjusted	Seasonally adjusted	United Kingdom private sector sterling lime deposits	Unadjusted	Seasonally adjusted	United Kingdom private sector deposits in other currencies	Unadjusted	Seasonally adjusted
	1	2	3	4		5	6		7	8
2nd qtr.	12,206	22,389	14,332	48,927	48,900	57,035	105,962	106,020	16,533	122,495	122,650
3rd qtr.	12,231	22,614	15,546	50,391	50,790	57,911	108,302	108,970	17,524	125,826	126,550
4th qtr.	12,172	23,921	16,096	52,189	51,670	60,397	112,586	111,950	20,998	133,584	132,940
1985 1st qtr.	12,726	23,053	18,385	54,164	54,310	60,638	114,802	116,410	19,345	134,147	135,890
At mid-month
1983 Dec. 14	12,119	19,990	11,466	43,575	42,680	56,217	99,792	99,070	15,839	115,631	114,910
1984 Jan. 18	11,467	19,320	11,915	42,702	42,980	56,613	99,315	99,730	16,159	115,474	115,830
Feb. 15	11,531	19,018	11,951	42,500	43,140	56,056	98,556	99,740	16,876	115,432	116,620
Mar. 21	11,641	19,467	12,637	43,745	44,440	55,655	99,400	101,140	17,138	116,538	118,280
Apr. 18	12,044	20,572	13,038	45,654	45,220	55,362	101,016	101,470	17,440	118,456	118,900
May 16	11,834	20,593	13,485	45,912	45,910	55,669	101,581	102,300	15,595	117,176	117,900
June 20	11,941	20,648	13,964	46,553	46,770	57,252	103,805	104,410	15,675	119,480	120,080
July 18	12,213	20,694	14,094	47,001	46,460	56,768	103,769	103,400	16,940	120,709	120,340
Aug. 15	12,156	20,981	14,035	47,172	47,140	57,141	104,313	104,170	16,468	120,781	120,640
Sept. 19	12,102	20,850	14,774	47,726	47,650	57,651	105,377	105,550	17,896	123,273	123,450
Oct. 17	12,115	21,022	15,483	48,620	48,460	57,359	105,979	105,870	17,995	123,974	123,860
Nov. 21	12,186	21,251	16,474	49,911	50,060	58,809	108,720	108,680	18,573	127,293	127,25
Dec. 12	12,641	22,272	16,617	51,530	50,590	58,001	109,531	108,610	19,468	128,999	128,08
1985 Jan. 16	12,113	20,860	16,268	49,241	49,520	60,129	109,370	109,370	20,838	130,208	130,200
Feb. 20	12,210	20,476	16,041	48,727	49,420	60,306	109,033	109,900	21,420	130,453	131,310
Mar. 20	12,322	20,603	16,981	49,906	50,440	59,468	109,374	111,020	20,436	129,810	131,450
Apr. 17	12,435	21,468	18,604	52,507	52,060	61,241	113,748	114,180	18,481	132,229	132,650
May 15	12,441	21,437	19,422	53,300	53,260	60,738	114,038	114,780	19,025	133,063	133,810

Transactions balances and components of M2
£ millions: not seasonally adjusted
	Notes and coin in circulation with public	UK private sector sterling non-interest-bearing sight deposits with banks	Non-interest-bearing Ml (columns 1+2)	Other UK private sector sterling retail deposits with banks	UK private sector retail shares and deposits with building societies	National Savings Bank ordinary account	M2 (columns 3+4+5+6)	Public sector sterling retail deposits with banks	Overseas sterling retail deposits with banks
	1	2	3	4	5	6	7	8	9
At mid-month
1983 December 14	12,119	19,990	32,109	30,218	55,508	1,750	119,585	899	3,009
1984 January 18	11,467	19,320	30,787	30,340	58,109	1,765	121,001	1,072	3,123
February 15	11,531	19,018	30,549	30,057	58,864	1,777	121,247	962	3,083
March 21	11,641	19,467	31,108	29,953	60,058	1,778	122,897	1,124	3,106
April 18	12,044	20,572	32,616	29,896	60,902	1,788	125,202	995	3,116
May 16	11,834	20,593	32,427	29,879	61,782	1,776	125,864	1,073	3,187
June 20	11,941	20,648	32,589	30,455	63,237	1,743	128,024	1,079	3,193
July 18	12,213	20,694	32,907	30,736	64,050	1,750	129,443	886	3,308
August 15	12,156	20,981	33,137	30,613	64,340	1,736	129,826	945	3,185
September 19	12,102	20,850	32,952	30,677	64,447	1,741	129,817	972	3,357
October 17	12,115	21,022	33,137	30,863	64,786	1,749	130,535	1,089	3,239
November 21	12,186	21,251	33,437	31,283	65,200	1,761	131,681	1,177	3,391
December 12	12,641	22,272	34,913	31,043	66,055	1,730	133,741	890	3,399
1985 January 16	12,113	20,860	32,973	31,561	67,593	1,785	133,912	1,087	3,643
February 20	12,210	20,476	32,686	31,815	67,597	1,758	133,856	1,104	3,631
March 20	12,322	20,603	32,925	32,453	67,892	1,762	135,032	1,094	3,753
April 17	12,435	21,468	33,903	32,910	67,710	1,738	136,261	1,033	4,111
May 15	12,441	21,437	33,878	33,291	67,468	1,754	136,391	1,060	4,152

Volume 83: debated on Thursday 25 July 1985