By Paul Temperton
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Additional resources for A Guide to UK Monetary Policy
These two factors had tended to reduce the velocity of £M3, by around 4% in 1981/82. Third, the civil service dispute had seriously disrupted the pattern of financial flows in the economy, making interpretation of £M3 and its counterparts more difficult. In this difficult environment, other indicators of the stance of policy were again taken into consideration. The behaviour of narrow money and nominal GOP, high real interest rates and weak asset prices were all considered as indicating that monetary conditions had remained restrictive.
Although the statement of the objectives of the MTFS changed only marginally between 1980/81 and 1985/86, the presentation of monetary policy in the achievement of such objectives was substantially revised. As noted above, the 1980/81 MTFS stated that the government's objectives for the medium term were to bring down inflation and to create conditions for sustainable growth of output and employment. The same statement of policy continued to be made throughout the life of the MTFS. In 1984/85, however, a change of detail was made: the government's 'ultimate objective' became the achievement of 'stable prices with lower interest rates'.
Plans for a progressive reduction in monetary growth over a number of years were made public. 2 shows, the March 1980 Budget envisaged monetary growth declining from 7-11% in 1980/81 to 4-8% in 1983/84. Control of monetary growth was to be linked to control of the size of the PSBR in relation to GOP (the relationship between £M3 and its credit counterparts, discussed fully in Chapter 3, provided a framework within which the two were linked). 3). The MTFS was 'monetarist' in the sense that it was based on the quantity theory of money.
A Guide to UK Monetary Policy by Paul Temperton