asked the Chancellor of the Exchequer what controls he now intends to exercise over the level of bank lending.

I would refer my hon. Friend to the passage in my Budget statement on this subject.—[Vol. 799, c. 1212–53.]

Is my right hon. Friend aware that there is some confusion as to what is the precise level of bank lending as compared with the 98 per cent. originally announced? What is the relevant figure today, and how does it compare with the increases in prices since then?

The relevant figure today is about 103 per cent. I was envisaging, as my hon. Friend and the House know, a further gradual increase over the year as a whole of 5 per cent. I think that this is adequate. It is bound to be a matter of judgment, bearing in mind all the considerations.