§ Mr. Dixon
asked the Chancellor of the Exchequer what he considers to be the best indicator of the money supply; and whether he will publish in the OFFICIAL REPORT the monthly changes 175W seasonally adjusted in this indicator during the past year, expressed as a percentage of the corresponding figure six months earlier and 12 months earlier, respectively.
§ Mr. Nott
There is no one correct indicator of the money supply. Particularly at this time of rapid structural change in banking it is important to look at the narrow definition of money supply Ml, as well as the wider version M3, which has recently been seriously distorted by special factors. My hon. Friend will find figures for monthly changes in Ml and M3 in Financial Statistics and theBank of England Quarterly Bulletin.