Money Creation in The Modern Economy Long Run Data Annex

‘Money creation in the modern economy’- Long-run data annex
This spreadsheet contains the long-run historical money data referred to in the 2014 Q1 Quarterly Bulletin article "Money
and Ryland Thomas. Please note the spreadsheet has been constructed on a 'best endeavours ' basis by the authors of the
Although the data has been checked against original sources and official data, some errors and omissions may remain and
of England data as a crosscheck. The authors would be very grateful if users of the spreadsheet could notify them of any e
the future we may update the spreadsheet for new series and data outturns .
The aim of the spreadsheet is to construct long-run historical series of money growth over time according to popular mon
with the historical money data of Capie and Webber (1985). In order to do this we proceed (as far as possible) to move fro
where any breaks in the stock due to population or other classification changes are removed from the series. The resulting
over time. It is important to note that the break-adjusted stocks are only consistent with unadjusted stocks data in the ver
the break-adjusted growth rate of the most applicable monetary aggregate available. So for example the break-adjusted s
M4x, and then projects this progressively backwards in time using the break-adjusted growth rates of M4ex, M4 and M3.
aggregate in 1870Q2 will not equal the stock of M3 constructed by Capie and Webber (1985). So care needs to be applied
them as measures of balance sheet size.
The historical data from Capie and Webber (1985) are also seasonally-adjusted using multiplicative X12-Arima and, in the c
monthly data. Clearly different seasonal adjustment and interpolation methods can be adopted and the original unadjuste
sheet (with the kind permission of the publishers) so that users can apply their own methods.
Nominal GDP data has also been included in this sheet. The methods used to construct this data can be found in Hills, Tho
bottom of the QB Chart.
Contents
1. Unadjusted Capie and Webber (1985) data
2. Seasonally and break-adjusted stocks
3. Growth rates derived from break-adjusted stocks
4. Quarterley Bulletin Chart
The references in the different worksheets refer to the following sources:

Capie, F and Webber, A (1985), A Monetary History of the United Kingdom, 1870-1982, Volume 1, Routledge.
Hills, S, Thomas, R and Dimsdale, N (2010), ‘The UK recession in context — what do three centuries of data tell us?’, Bank
Mitchell, B R (1988), British historical statistics, Cambridge University Press.
Sefton, J and Weale, M (1995), Reconciliation of National Income and Expenditure: balanced estimates of national income
Solomou, S N and Weale, M (1991), ‘Balanced estimates of UK GDP 1870–1913’, Explorations in Economic History, Vol. 28,
y Bulletin article "Money creation in the modern economy" by Michael Mcleay, Amar Radia
asis by the authors of the article and does not represent official Bank of England data.
missions may remain and users are advised to consult the original sources and official Bank
ould notify them of any errors they come across at ryland.thomas@bankofengland.co.uk. In
ccording to popular monetary aggregate classifications, and combining official money data
r as possible) to move from unadjusted stocks of money data to break-adjusted stocks ,
the series. The resulting break-adjusted stocks can then be used to construct growth rates
ted stocks data in the very last period (2013Q4). They are then projected backwards using
mple the break-adjusted series for broad money starts off with the unadjusted stock for
s of M4ex, M4 and M3. As a consequence the resulting stock of the broad money
care needs to be applied to the use of break-adjusted stocks, for example , when using
e X12-Arima and, in the case of M3, the 6-monthly data prior to 1921 are interpolated to
and the original unadjusted Capie and Webber data for M0, M1 and M3 are included in this
can be found in Hills, Thomas and Dimsdale (2010) and the original sources are given at the
Routledge.
ies of data tell us?’, Bank of England Quarterly Bulletin, Vol. 50, No. 4, pages 277–91.
mates of national income for the United Kingdom, 1920–1990, Cambridge University Press.
conomic History, Vol. 28, No. 1, pages 54–63.
M0
Monetary base - M0: Stock outstanding at

month end (nsa) 1870-1969. Source: F. Capie
and A. Webber, A Monetary History of the
United Kingdom 1870-1982 - Vol 1 Data,
End period stocks, £mn Sources, Methods Table I(1)
1870 Jan 128.312
Feb 128.841
Mar 130.131
Apr 130.072
May 131.158
Jun 133.474
Jul 134.770
Aug 138.294
Sep 138.380
Oct 139.443
Nov 140.373
Dec 138.381
1871 Jan 137.810
Feb 136.301
Mar 135.057
Apr 137.265
May 141.346
Jun 146.240
Jul 148.214
Aug 148.418
Sep 146.692
Oct 152.831
Nov 151.640
Dec 149.015
1872 Jan 151.036
Feb 149.796
Mar 149.932
Apr 149.564
May 148.356
Jun 148.972
Jul 156.723
Aug 151.143
Sep 151.010
Oct 148.779
Nov 150.771
Dec 148.051
1873 Jan 148.176
Feb 148.679
Mar 146.554
Apr 147.705
May 144.270
Jun 144.016
Jul 146.615
Aug 148.842
Sep 151.321
Oct 147.877
Nov 149.584
Dec 151.156
1874 Jan 150.641
Feb 147.801
Mar 147.826
Apr 147.777
May 147.671
Jun 147.354
Jul 146.198
Aug 147.913
Sep 148.874
Oct 151.283
Nov 147.591
Dec 148.921
1875 Jan 149.966
Feb 145.306
Mar 146.425
Apr 145.595
May 150.351
Jun 158.618
Jul 161.475
Aug 160.069
Sep 158.040
Oct 156.532
Nov 154.899
Dec 151.175
1876 Jan 148.934
Feb 147.062
Mar 147.054
Apr 152.352
May 151.984
Jun 153.195
Jul 161.807
Aug 162.023
Sep 164.532
Oct 166.464
Nov 157.649
Dec 154.538
1877 Jan 152.861
Feb 150.825
Mar 149.915
Apr 150.735
May 149.698
Jun 149.013
Jul 151.287
Aug 149.132
Sep 148.714
Oct 150.146
Nov 149.222
Dec 147.367
1878 Jan 151.806
Feb 151.075
Mar 149.864
Apr 149.057
May 148.566
Jun 148.254
Jul 147.234
Aug 144.147
Sep 144.153
Oct 149.961
Nov 153.772
Dec 152.799
1879 Jan 156.153
Feb 154.318
Mar 155.141
Apr 159.560
May 155.751
Jun 155.154
Jul 159.640
Aug 157.773
Sep 157.693
Oct 155.350
Nov 153.617
Dec 152.683
1880 Jan 151.840
Feb 146.558
Mar 145.023
Apr 145.231
May 144.850
Jun 147.111
Jul 146.347
Aug 145.778
Sep 145.511
Oct 149.349
Nov 146.849
Dec 143.385
1881 Jan 142.600
Feb 143.913
Mar 144.716
Apr 145.440
May 145.712
Jun 147.750
Jul 147.880
Aug 143.289
Sep 143.104
Oct 144.598
Nov 145.660
Dec 144.426
1882 Jan 142.651
Feb 142.065
Mar 144.445
Apr 144.960
May 147.163
Jun 146.564
Jul 148.905
Aug 145.051
Sep 146.755
Oct 148.070
Nov 145.309
Dec 144.612
1883 Jan 143.632
Feb 144.198
Mar 144.122
Apr 142.276
May 142.038
Jun 141.081
Jul 143.121
Aug 144.005
Sep 146.945
Oct 145.106
Nov 144.777
Dec 142.135
1884 Jan 142.683
Feb 141.585
Mar 142.976
Apr 146.823
May 145.031
Jun 145.598
Jul 145.872
Aug 143.945
Sep 142.590
Oct 141.932
Nov 140.443
Dec 143.191
1885 Jan 142.284
Feb 142.316
Mar 143.172
Apr 148.491
May 152.528
Jun 151.695
Jul 153.658
Aug 147.577
Sep 146.195
Oct 140.832
Nov 142.788
Dec 141.290
1886 Jan 144.990
Feb 139.686
Mar 138.544
Apr 139.173
May 139.683
Jun 140.447
Jul 139.692
Aug 140.034
Sep 140.968
Oct 137.876
Nov 140.363
Dec 140.343
1887 Jan 139.779
Feb 139.427
Mar 141.546
Apr 143.157
May 144.733
Jun 139.291
Jul 140.863
Aug 137.418
Sep 136.076
Oct 136.078
Nov 137.881
Dec 137.053
1888 Jan 139.916
Feb 136.061
Mar 138.584
Apr 135.979
May 136.715
Jun 138.814
Jul 139.030
Aug 137.772
Sep 139.074
Oct 142.252
Nov 139.432
Dec 139.361
1889 Jan 141.134
Feb 138.102
Mar 138.576
Apr 138.592
May 139.729
Jun 138.421
Jul 140.424
Aug 136.742
Sep 137.331
Oct 141.456
Nov 140.605
Dec 140.014
1890 Jan 141.763
Feb 143.779
Mar 144.776
Apr 147.068
May 148.620
Jun 145.182
Jul 143.779
Aug 146.866
Sep 147.620
Oct 148.931
Nov 156.783
Dec 155.700
1891 Jan 153.361
Feb 149.078
Mar 148.748
Apr 148.079
May 153.916
Jun 156.931
Jul 159.521
Aug 157.127
Sep 156.455
Oct 153.210
Nov 153.074
Dec 155.825
1892 Jan 155.904
Feb 153.014
Mar 154.855
Apr 158.654
May 161.101
Jun 162.427
Jul 163.135
Aug 161.965
Sep 162.296
Oct 163.510
Nov 160.429
Dec 158.855
1893 Jan 159.730
Feb 158.242
Mar 156.468
Apr 157.874
May 161.487
Jun 162.385
Jul 166.118
Aug 157.035
Sep 158.825
Oct 160.342
Nov 159.198
Dec 157.522
1894 Jan 157.956
Feb 157.717
Mar 157.236
Apr 159.082
May 165.525
Jun 168.635
Jul 172.001
Aug 173.673
Sep 171.164
Oct 169.921
Nov 167.044
Dec 163.624
1895 Jan 166.867
Feb 164.921
Mar 166.761
Apr 169.462
May 170.543
Jun 170.910
Jul 173.464
Aug 178.049
Sep 182.791
Oct 180.003
Nov 183.609
Dec 184.658
1896 Jan 188.574
Feb 185.337
Mar 183.845
Apr 185.114
May 183.992
Jun 183.698
Jul 186.389
Aug 184.091
Sep 178.322
Oct 174.478
Nov 174.729
Dec 178.574
1897 Jan 177.854
Feb 175.438
Mar 176.868
Apr 179.864
May 176.710
Jun 181.656
Jul 178.968
Aug 177.381
Sep 175.523
Oct 176.132
Nov 175.727
Dec 178.406
1898 Jan 175.294
Feb 175.451
Mar 174.146
Apr 176.187
May 178.573
Jun 181.807
Jul 180.831
Aug 178.984
Sep 176.133
Oct 177.486
Nov 180.572
Dec 177.860
1899 Jan 180.730
Feb 179.223
Mar 183.925
Apr 182.477
May 184.082
Jun 185.228
Jul 188.473
Aug 192.457
Sep 193.357
Oct 198.456
Nov 194.294
Dec 195.982
1900 Jan 196.759
Feb 196.692
Mar 197.919
Apr 198.232
May 198.682
Jun 196.020
Jul 190.840
Aug 196.094
Sep 193.727
Oct 192.918
Nov 193.975
Dec 189.811
1901 Jan 193.289
Feb 197.110
Mar 196.829
Apr 195.735
May 200.634
Jun 201.897
Jul 203.453
Aug 202.726
Sep 201.254
Oct 200.404
Nov 200.753
Dec 196.327
1902 Jan 197.185
Feb 199.650
Mar 199.505
Apr 200.330
May 202.025
Jun 204.079
Jul 202.091
Aug 201.677
Sep 201.208
Oct 198.154
Nov 199.587
Dec 211.748
1903 Jan 198.614
Feb 198.184
Mar 197.995
Apr 201.551
May 201.369
Jun 202.510
Jul 204.106
Aug 204.546
Sep 202.520
Oct 199.516
Nov 199.141
Dec 203.532
1904 Jan 199.750
Feb 198.154
Mar 199.248
Apr 199.936
May 196.777
Jun 198.176
Jul 191.924
Aug 195.663
Sep 196.741
Oct 195.862
Nov 195.934
Dec 197.092
1905 Jan 192.176
Feb 189.643
Mar 194.742
Apr 190.846
May 195.352
Jun 198.141
Jul 196.165
Aug 196.884
Sep 198.136
Oct 194.454
Nov 198.349
Dec 197.824
1906 Jan 196.974
Feb 200.292
Mar 201.624
Apr 200.999
May 198.048
Jun 205.529
Jul 202.787
Aug 204.082
Sep 200.560
Oct 194.536
Nov 201.481
Dec 201.802
1907 Jan 201.760
Feb 203.572
Mar 206.250
Apr 214.908
May 209.732
Jun 213.392
Jul 208.518
Aug 214.793
Sep 213.732
Oct 208.571
Nov 205.674
Dec 205.722
1908 Jan 205.496
Feb 206.838
Mar 207.246
Apr 205.789
May 208.276
Jun 210.022
Jul 205.800
Aug 207.150
Sep 204.680
Oct 206.293
Nov 210.205
Dec 217.396
1909 Jan 207.091
Feb 207.090
Mar 211.847
Apr 212.508
May 209.795
Jun 226.613
Jul 213.203
Aug 215.103
Sep 210.555
Oct 210.503
Nov 212.566
Dec 220.600
1910 Jan 211.774
Feb 213.533
Mar 210.611
Apr 216.487
May 216.992
Jun 228.343
Jul 224.583
Aug 217.717
Sep 220.109
Oct 214.212
Nov 211.866
Dec 217.590
1911 Jan 216.714
Feb 215.279
Mar 215.950
Apr 221.504
May 220.373
Jun 226.120
Jul 225.053
Aug 224.384
Sep 226.268
Oct 227.644
Nov 223.743
Dec 227.241
1912 Jan 224.323
Feb 225.459
Mar 221.104
Apr 229.413
May 225.718
Jun 227.014
Jul 225.772
Aug 232.109
Sep 230.627
Oct 227.883
Nov 227.392
Dec 226.416
1913 Jan 228.816
Feb 231.265
Mar 230.054
Apr 231.588
May 232.885
Jun 234.318
Jul 234.888
Aug 241.101
Sep 240.077
Oct 239.344
Nov 240.276
Dec 259.288
1914 Jan 249.051
Feb 240.408
Mar 235.185
Apr 236.386
May 236.660
Jun 241.557
Jul 247.062
Aug 318.114
Sep 345.804
Oct 353.421
Nov 389.618
Dec 367.300
1915 Jan 347.700
Feb 348.199
Mar 325.730
Apr 330.477
May 332.504
Jun 355.903
Jul 302.706
Aug 314.249
Sep 317.566
Oct 342.154
Nov 351.055
Dec 358.772
1916 Jan 350.472
Feb 358.937
Mar 368.814
Apr 383.164
May 387.529
Jun 398.709
Jul 384.164
Aug 391.332
Sep 385.937
Oct 393.368
Nov 394.034
Dec 419.074
1917 Jan 405.564
Feb 415.469
Mar 400.952
Apr 391.796
May 397.363
Jun 413.607
Jul 414.125
Aug 431.610
Sep 427.892
Oct 438.314
Nov 447.370
Dec 471.101
1918 Jan 464.497
Feb 474.513
Mar 496.581
Apr 508.543
May 519.154
Jun 520.861
Jul 535.281
Aug 540.814
Sep 548.497
Oct 563.206
Nov 576.177
Dec 623.725
1919 Jan 596.389
Feb 597.981
Mar 614.951
Apr 639.622
May 613.67
Jun 627.982
Jul 629.642
Aug 620.115
Sep 619.242
Oct 630.747
Nov 639.207
Dec 737.148
1920 Jan 662.174
Feb 651.476
Mar 635.736
Apr 653.169
May 640.31
Jun 719.711
Jul 657.486
Aug 635.208
Sep 643.189
Oct 652.235
Nov 632.003
Dec 723.501
1921 Jan 636.779
Feb 618.771
Mar 636.141
Apr 639.83
May 620.706
Jun 629.271
Jul 611.043
Aug 618.34
Sep 595.763
Oct 612.324
Nov 619.707
Dec 606.634
1922 Jan 618.970
Feb 612.585
Mar 591.340
Apr 597.691
May 591.912
Jun 584.313
Jul 578.633
Aug 569.182
Sep 565.421
Oct 567.874
Nov 559.938
Dec 577.770
1923 Jan 569.384
Feb 550.402
Mar 548.925
Apr 556.269
May 552.097
Jun 557.671
Jul 562.384
Aug 557.162
Sep 551.194
Oct 546.916
Nov 546.324
Dec 579.145
1924 Jan 554.966
Feb 545.043
Mar 548.506
Apr 555.238
May 552.700
Jun 572.969
Jul 559.060
Aug 560.663
Sep 556.023
Oct 554.603
Nov 557.343
Dec 580.296
1925 Jan 553.281
Feb 552.534
Mar 551.778
Apr 558.381
May 561.767
Jun 578.315
Jul 577.017
Aug 577.572
Sep 569.285
Oct 557.572
Nov 556.508
Dec 569.943
1926 Jan 548.150
Feb 543.573
Mar 544.238
Apr 553.113
May 565.291
Jun 571.401
Jul 563.841
Aug 562.005
Sep 556.512
Oct 556.160
Nov 553.680
Dec 567.732
1927 Jan 560.468
Feb 543.943
Mar 547.205
Apr 561.854
May 560.203
Jun 565.986
Jul 563.406
Aug 560.612
Sep 556.854
Oct 557.413
Nov 553.309
Dec 569.241
1928 Jan 567.110
Feb 550.843
Mar 556.450
Apr 558.623
May 558.745
Jun 574.490
Jul 586.488
Aug 576.470
Sep 577.385
Oct 565.220
Nov 562.402
Dec 575.861
1929 Jan 565.534
Feb 561.126
Mar 563.913
Apr 565.397
May 568.980
Jun 574.912
Jul 560.357
Aug 546.883
Sep 546.890
Oct 541.164
Nov 537.905
Dec 559.025
1930 Jan 564.000
Feb 553.823
Mar 559.462
Apr 572.163
May 566.641
Jun 561.253
Jul 567.092
Aug 562.860
Sep 564.427
Oct 563.130
Nov 565.289
Dec 575.718
1931 Jan 552.707
Feb 545.930
Mar 547.645
Apr 546.994
May 554.302
Jun 576.944
Jul 560.025
Aug 551.195
Sep 551.780
Oct 559.539
Nov 543.900
Dec 563.837
1932 Jan 552.406
Feb 546.168
Mar 546.330
Apr 543.895
May 551.862
Jun 566.261
Jul 571.134
Aug 571.741
Sep 573.645
Oct 571.998
Nov 569.761
Dec 551.085
1933 Jan 572.816
Feb 582.946
Mar 610.471
Apr 614.566
May 608.765
Jun 624.433
Jul 617.234
Aug 613.608
Sep 625.355
Oct 631.535
Nov 624.306
Dec 630.520
1934 Jan 637.987
Feb 622.727
Mar 629.970
Apr 631.499
May 628.181
Jun 624.478
Jul 624.816
Aug 611.074
Sep 623.229
Oct 630.687
Nov 625.046
Dec 629.374
1935 Jan 633.843
Feb 626.917
Mar 632.812
Apr 632.249
May 626.831
Jun 632.085
Jul 625.979
Aug 618.796
Sep 619.715
Oct 608.886
Nov 624.061
Dec 631.788
1936 Jan 647.125
Feb 641.894
Mar 632.493
Apr 637.947
May 626.937
Jun 644.636
Jul 659.079
Aug 679.115
Sep 677.699
Oct 670.398
Nov 681.926
Dec 691.193
1937 Jan 694.035
Feb 688.711
Mar 675.898
Apr 685.474
May 694.323
Jun 711.595
Jul 699.844
Aug 700.023
Sep 709.038
Oct 697.788
Nov 697.079
Dec 732.723
1938 Jan 735.467
Feb 712.927
Mar 720.963
Apr 717.498
May 706.789
Jun 720.870
Jul 721.324
Aug 709.969
Sep 706.067
Oct 709.292
Nov 705.283
Dec 738.809
1939 Jan 734.402
Feb 714.003
Mar 705.604
Apr 704.161
May 703.386
Jun 707.981
Jul 715.110
Aug 734.845
Sep 768.788
Oct 770.349
Nov 774.180
Dec 782.550
1940 Jan 764.575
Feb 766.061
Mar 765.843
Apr 771.357
May 763.061
Jun 800.847
Jul 824.884
Aug 837.230
Sep 836.004
Oct 831.565
Nov 835.414
Dec 861.555
1941 Jan 833.503
Feb 848.752
Mar 846.769
Apr 859.802
May 890.041
Jun 891.889
Jul 911.347
Aug 906.336
Sep 964.493
Oct 948.717
Nov 968.456
Dec 1102.826
1942 Jan 1038.520
Feb 1021.211
Mar 1042.052
Apr 1058.729
May 1083.854
Jun 1071.025
Jul 1124.978
Aug 1135.024
Sep 1125.446
Oct 1131.599
Nov 1139.959
Dec 1285.128
1943 Jan 1240.041
Feb 1243.457
Mar 1210.373
Apr 1286.813
May 1290.340
Jun 1355.718
Jul 1287.356
Aug 1283.552
Sep 1291.486
Oct 1359.211
Nov 1352.800
Dec 1453.220
1944 Jan 1408.863
Feb 1422.261
Mar 1460.800
Apr 1470.277
May 1438.067
Jun 1491.614
Jul 1474.336
Aug 1527.273
Sep 1547.734
Oct 1529.882
Nov 1534.120
Dec 1638.378
1945 Jan 1593.971
Feb 1586.826
Mar 1598.842
Apr 1609.915
May 1637.219
Jun 1688.784
Jul 1704.875
Aug 1714.963
Sep 1755.864
Oct 1722.073
Nov 1729.383
Dec 1803.629
1946 Jan 1813.300
Feb 1769.615
Mar 1785.354
Apr 1788.848
May 1782.820
Jun 1824.467
Jul 1778.049
Aug 1845.049
Sep 1842.987
Oct 1833.434
Nov 1850.627
Dec 1912.909
1947 Jan 1889.301
Feb 1898.552
Mar 1899.338
Apr 1897.536
May 1885.299
Jun 1892.153
Jul 1897.242
Aug 1895.708
Sep 1885.085
Oct 1890.279
Nov 1903.034
Dec 1899.243
1948 Jan 1838.976
Feb 1794.227
Mar 1754.276
Apr 1760.215
May 1771.440
Jun 1760.142
Jul 1763.881
Aug 1775.214
Sep 1769.157
Oct 1765.133
Nov 1778.704
Dec 1765.518
1949 Jan 1809.323
Feb 1767.920
Mar 1764.217
Apr 1775.313
May 1760.650
Jun 1764.795
Jul 1814.207
Aug 1804.849
Sep 1811.309
Oct 1774.815
Nov 1774.258
Dec 1812.809
1950 Jan 1759.663
Feb 1754.419
Mar 1760.639
Apr 1760.132
May 1753.406
Jun 1753.883
Jul 1815.548
Aug 1807.132
Sep 1802.435
Oct 1820.766
Nov 1818.106
Dec 1918.548
1951 Jan 1828.071
Feb 1807.046
Mar 1811.859
Apr 1829.070
May 1812.976
Jun 1860.322
Jul 1864.308
Aug 1878.253
Sep 1853.708
Oct 1866.895
Nov 1854.660
Dec 1898.142
1952 Jan 1865.623
Feb 1860.519
Mar 1855.541
Apr 1902.404
May 1899.753
Jun 1905.404
Jul 1941.015
Aug 1986.525
Sep 1945.018
Oct 1945.826
Nov 1947.852
Dec 1987.700
1953 Jan 1924.848
Feb 1937.568
Mar 1938.848
Apr 1977.020
May 1982.355
Jun 2028.366
Jul 2039.042
Aug 2055.718
Sep 2022.598
Oct 2029.006
Nov 2026.574
Dec 2114.135
1954 Jan 2047.081
Feb 2020.108
Mar 2081.826
Apr 2081.588
May 2056.484
Jun 2126.180
Jul 2166.546
Aug 2138.258
Sep 2120.518
Oct 2134.719
Nov 2133.837
Dec 2230.529
1955 Jan 2159.239
Feb 2174.073
Mar 2170.750
Apr 2243.854
May 2199.378
Jun 2244.087
Jul 2288.583
Aug 2217.780
Sep 2231.167
Oct 2228.312
Nov 2222.163
Dec 2292.385
1956 Jan 2230.106
Feb 2246.926
Mar 2298.042
Apr 2262.031
May 2267.915
Jun 2305.818
Jul 2381.891
Aug 2391.282
Sep 2325.536
Oct 2338.330
Nov 2341.116
Dec 2403.635
1957 Jan 2323.151
Feb 2338.025
Mar 2326.147
Apr 2369.705
May 2362.876
Jun 2388.576
Jul 2444.848
Aug 2415.646
Sep 2414.231
Oct 2422.821
Nov 2411.284
Dec 2535.296
1958 Jan 2444.759
Feb 2407.436
Mar 2408.960
Apr 2474.195
May 2461.675
Jun 2444.737
Jul 2582.824
Aug 2502.038
Sep 2468.203
Oct 2483.945
Nov 2473.773
Dec 2595.579
1959 Jan 2486.182
Feb 2476.205
Mar 2485.570
Apr 2532.787
May 2505.590
Jun 2578.736
Jul 2624.906
Aug 2617.835
Sep 2568.475
Oct 2587.351
Nov 2580.241
Dec 2681.825
1960 Jan 2571.077
Feb 2613.504
Mar 2605.975
Apr 2685.547
May 2615.580
Jun 2706.447
Jul 2774.104
Aug 2722.333
Sep 2695.119
Oct 2703.422
Nov 2697.247
Dec 2816.289
1961 Jan 2695.427
Feb 2724.326
Mar 2720.781
Apr 2767.766
May 2780.165
Jun 2793.368
Jul 2882.773
Aug 2848.275
Sep 2781.516
Oct 2794.296
Nov 2834.586
Dec 2906.765
1962 Jan 2827.972
Feb 2785.474
Mar 2849.681
Apr 2867.190
May 2759.216
Jun 2830.765
Jul 2829.288
Aug 2882.206
Sep 2790.900
Oct 2820.764
Nov 2844.487
Dec 2915.176
1963 Jan 2813.700
Feb 2827.400
Mar 2820.900
Apr 2864.800
May 2858.400
Jun 2903.100
Jul 2967.700
Aug 2952.200
Sep 2904.300
Oct 2941.000
Nov 2913.900
Dec 3039.700
1964 Jan 2958.000
Feb 2917.600
Mar 2975.700
Apr 2997.600
May 3054.000
Jun 3065.700
Jul 3120.400
Aug 3092.000
Sep 3078.400
Oct 3087.400
Nov 3113.600
Dec 3269.000
1965 Jan 3102.700
Feb 3127.900
Mar 3207.600
Apr 3257.100
May 3237.000
Jun 3293.100
Jul 3323.100
Aug 3328.300
Sep 3297.400
Oct 3280.200
Nov 3293.100
Dec 3413.800
1966 Jan 3286.100
Feb 3295.900
Mar 3353.900
Apr 3408.700
May 3382.400
Jun 3431.600
Jul 3518.700
Aug 3505.000
Sep 3447.400
Oct 3429.500
Nov 3406.200
Dec 3523.600
1967 Jan 3389.000
Feb 3409.100
Mar 3462.100
Apr 3503.100
May 3477.100
Jun 3499.100
Jul 3526.100
Aug 3541.000
Sep 3533.100
Oct 3553.100
Nov 3589.100
Dec 3689.100
1968 Jan 3619.100
Feb 3588.200
Mar 3643.100
Apr 3663.100
May 3636.100
Jun 3718.100
Jul 3743.200
Aug 3751.200
Sep 3749.100
Oct 3740.100
Nov 3786.100
Dec 3821.100
1969 Jan 3715.100
Feb 3709.200
Mar 3798.100
Apr 3910.100
May 3809.100
Jun 3867.100
Jul 3949.100
Aug 3860.100
Sep 3826.100
Oct 3811.200
Nov 3846.103
Dec 3960.700
M1 M3
Narrow Money - M1: Stock outstanding at month Broad Money - M3: Stock outstanding at
end (nsa) Jan 1870-May 1975. Source: F. Capie and month end (nsa) 1870-1969. Source: F. Capie
A. Webber, A Monetary History of the United and A. Webber, A Monetary History of the
Kingdom 1870-1982 - Vol 1 Data, Sources, Methods United Kingdom 1870-1982 - Vol 1 Data,
Tables I(2) Sources, Methods Table I(3)
497.855
519.311
533.826
572.385
591.667
593.808
579.680
593.844
600.599
613.479
623.233
632.371
618.035
634.352
598.749
600.196
589.338
569.292
557.126
574.054
557.556
571.541
578.787
591.723
594.811
606.066
598.437
601.556
611.224
604.394
613.976
616.549
612.655
619.141
625.427
627.185
639.156
652.366
664.140
672.300
690.479
697.670
711.046
719.959
729.929
726.798
723.094
715.983
727.524
744.744
769.236
792.396
811.852
828.928
845.061
851.875
858.762
863.975
902.577
906.761
910.757
923.575
908.077
911.512
917.988
938.426
904.043
906.374
890.339
904.400
906.922
925.067
930.085
954.855
968.453
959.908
960.241
987.954
992.370
1001.213
1026.408
1029.847
1033.068
1054.811
1062.781
1087.701
1095.753
1153.777
1154.853
1329.315
1397.788
1434.312
1517.104
1654.650
1668.732
1938.922
2023.017
2428.98
2528.018
2801.745
2894.676
2964.778
2848.925
1615.829 2854.862
1647.594 2897.600
1620.344 2856.956
1559.877 2767.157
1514.987 2663.622
1521.591 2666.728
1529.931 2664.074
1527.146 2634.431
1491.897 2575.705
1474.574 2541.216
1505.245 2567.765
1499.991 2543.692
1536.098 2565.803
1536.292 2570.474
1474.413 2489.094
1445.342 2433.253
1457.578 2446.316
1454.556 2450.334
1489.640 2482.493
1484.219 2485.847
1448.723 2450.211
1437.542 2437.498
1438.729 2449.848
1432.139 2450.038
1510.020 2508.110
1472.404 2500.398
1428.111 2449.735
1427.497 2418.354
1437.611 2436.715
1438.998 2435.671
1488.896 2482.542
1455.902 2467.846
1427.382 2435.708
1436.391 2426.439
1429.351 2449.140
1429.092 2380.770
1491.875 2487.082
1440.265 2458.780
1414.910 2444.797
1409.809 2404.965
1391.701 2407.552
1380.094 2407.062
1436.928 2438.164
1413.136 2444.430
1396.183 2417.427
1400.495 2421.318
1405.428 2432.575
1408.762 2425.872
1463.086 2464.353
1415.537 2432.595
1383.514 2389.018
1375.027 2368.714
1379.037 2381.665
1390.793 2390.442
1439.286 2436.571
1421.489 2447.814
1404.598 2428.183
1384.124 2411.298
1401.762 2435.166
1392.033 2433.189
1448.109 2479.517
1411.466 2478.800
1362.833 2418.568
1361.843 2406.307
1379.190 2424.511
1381.511 2426.882
1443.551 2469.759
1421.101 2465.712
1408.703 2450.289
1412.378 2449.505
1427.031 2492.510
1407.290 2477.559
1467.521 2521.794
1438.981 2519.302
1384.100 2449.476
1380.617 2431.864
1390.482 2455.460
1388.180 2450.806
1445.995 2503.454
1443.913 2527.430
1408.811 2500.591
1407.198 2500.696
1416.084 2521.833
1407.597 2519.807
1505.501 2591.833
1449.667 2578.937
1401.358 2541.238
1386.153 2508.711
1382.689 2512.875
1371.936 2505.008
1429.108 2550.480
1421.884 2570.304
1393.164 2551.207
1391.327 2540.517
1372.965 2549.022
1350.917 2531.749
1417.318 2558.757
1371.781 2549.134
1310.722 2473.945
1315.197 2444.663
1351.970 2489.209
1347.873 2520.991
1408.565 2572.957
1404.589 2591.627
1383.933 2563.009
1395.219 2560.273
1386.152 2582.458
1381.533 2592.139
1469.147 2644.021
1414.462 2626.792
1357.097 2565.590
1346.003 2508.699
1360.582 2484.443
1358.983 2493.077
1449.170 2550.879
1439.375 2554.661
1385.631 2510.257
1354.518 2482.916
1330.751 2503.834
1275.729 2470.081
1363.493 2520.170
1287.094 2479.555
1229.445 2404.783
1263.506 2437.622
1249.377 2446.701
1274.797 2473.132
1337.867 2551.430
1389.460 2608.103
1383.455 2605.617
1388.255 2672.295
1387.560 2697.137
1396.362 2695.420
1460.210 2779.532
1463.821 2788.667
1439.051 2767.461
1423.573 2734.438
1442.721 2740.295
1451.564 2761.935
1515.211 2814.774
1501.801 2833.060
1495.872 2799.836
1496.883 2800.235
1488.089 2791.300
1481.746 2755.022
1543.180 2792.344
1486.358 2754.986
1426.272 2710.408
1412.832 2646.267
1425.279 2677.846
1437.705 2691.863
1479.211 2724.845
1491.008 2725.362
1459.579 2702.202
1469.230 2697.779
1479.002 2731.902
1495.341 2756.285
1587.008 2837.325
1562.813 2834.156
1531.366 2808.565
1524.139 2779.435
1540.177 2804.145
1548.612 2825.451
1623.775 2887.192
1642.455 2907.373
1630.039 2910.071
1629.077 2907.642
1598.890 2913.196
1631.899 2922.942
1711.073 2993.593
1710.026 3010.391
1648.905 2948.753
1650.300 2936.464
1678.988 2998.097
1690.766 3035.776
1768.572 3099.016
1786.476 3127.336
1780.844 3131.032
1793.931 3140.593
1792.561 3158.347
1802.342 3170.544
1867.757 3206.462
1831.475 3203.868
1787.061 3166.781
1767.366 3133.588
1769.274 3154.114
1790.230 3167.958
1857.464 3223.575
1848.334 3231.282
1846.819 3219.112
1858.963 3224.199
1848.584 3243.202
1825.728 3223.401
1910.329 3271.898
1917.088 3269.811
1847.394 3199.901
1836.582 3183.356
1850.790 3208.719
1825.792 3196.198
1858.921 3241.347
1878.289 3263.249
1863.247 3243.067
1852.753 3216.559
1874.074 3207.447
1855.758 3184.408
1881.421 3198.226
1891.155 3170.762
1821.689 3090.954
1795.139 3072.670
1800.625 3089.606
1813.679 3101.750
1861.497 3172.908
1873.201 3194.874
1887.454 3215.109
1923.229 3230.853
1949.899 3286.449
1967.140 3321.365
2060.531 3405.198
2000.777 3356.261
1984.435 3306.692
1998.966 3309.472
2002.631 3300.985
2050.547 3393.857
2121.838 3455.306
2196.943 3613.134
2230.730 3644.171
2288.474 3610.759
2343.284 3672.621
2382.639 3706.566
2498.310 3802.439
2449.093 3769.080
2429.932 3722.222
2469.909 3786.673
2492.081 3837.623
2557.910 3867.707
2626.320 3977.445
2715.886 4092.761
2724.690 4089.251
2814.946 4225.471
2850.116 4304.928
2911.368 4362.784
3113.948 4565.614
2991.784 4433.722
2906.737 4285.447
2924.599 4267.464
2916.030 4304.947
2991.979 4402.046
3078.590 4522.009
3129.022 4579.435
3165.399 4628.707
3227.165 4690.536
3291.405 4778.805
3337.144 4836.655
3570.256 5084.799
3486.775 5028.895
3454.633 4993.416
3472.649 4997.576
3517.959 5066.188
3542.554 5087.778
3533.403 5210.341
3620.006 5188.927
3648.737 5224.298
3718.406 5305.985
3805.503 5411.806
3857.355 5475.371
4056.722 5723.594
3964.864 5621.498
3917.377 5582.298
4002.049 5709.781
4051.357 5773.402
4064.199 5807.984
4109.714 5885.292
4140.376 5921.605
4180.525 5965.004
4261.380 6090.103
4292.247 6166.396
4364.177 6247.317
4542.209 6436.248
4449.447 6360.121
4373.911 6297.004
4448.798 6385.903
4452.144 6462.173
4595.607 6576.004
4720.887 6766.928
4793.409 6857.979
4856.092 6954.935
4932.982 7022.841
4908.865 6948.609
4904.120 6894.477
4931.828 6970.790
4807.225 6860.393
4703.704 6768.096
4790.415 6850.886
4913.245 6988.089
4903.761 7129.523
5064.256 7221.647
5101.665 7269.282
5197.755 7391.123
5268.866 7483.571
5332.196 7571.282
5411.311 7665.985
5684.526 7969.184
5589.556 7913.022
5444.054 7863.979
5456.018 7947.748
5486.525 7948.642
5421.351 8046.366
5496.435 8020.527
5523.184 8015.801
5535.130 8011.177
5497.668 8080.681
5538.543 8139.491
5588.925 8295.434
5763.268 8245.829
5566.898 8045.219
5399.804 7867.798
5372.818 8044.772
5437.262 8126.402
5528.161 8123.507
5555.353 8215.796
5580.653 8209.383
5579.190 8185.690
5572.470 8210.902
5649.457 8291.970
5689.073 8292.712
5901.419 8426.280
5796.520 8281.216
5524.718 8017.521
5524.358 8036.292
5624.139 8140.436
5621.817 8143.242
5698.121 8316.931
5711.635 8307.832
5644.662 8201.218
5713.274 8310.254
5729.183 8325.129
5688.147 8340.904
5868.546 8453.125
5764.461 8348.033
5524.701 8083.081
5510.395 7997.251
5609.765 8104.943
5591.449 8118.308
5661.313 8271.715
5709.471 8283.982
5700.373 8276.148
5705.411 8315.934
5835.053 8485.270
5818.023 8513.861
6086.326 8716.184
5911.711 8517.948
5693.367 8281.922
5703.491 8308.914
5794.777 8423.512
5750.526 8420.197
5834.057 8489.566
5857.780 8520.170
5825.357 8458.042
5820.421 8442.545
5893.667 8504.225
5868.086 8461.045
6066.169 8625.296
5853.870 8463.443
5644.866 8181.599
5645.976 8181.567
5644.899 8269.094
5588.005 8236.403
5643.135 8400.836
5720.018 8450.532
5698.692 8424.801
5717.849 8487.758
5736.400 8499.110
5770.331 8543.402
6024.011 8799.544
5805.558 8579.699
5626.149 8351.508
5679.058 8395.390
5672.527 8426.563
5706.825 8478.813
5835.068 8681.794
5762.461 8592.815
5867.978 8698.159
5879.815 8771.360
5917.705 8825.192
5953.477 8872.347
6182.961 9152.341
5983.736 8908.223
5807.961 8675.487
5825.264 8718.478
5913.914 8865.346
5909.700 8893.231
6064.776 9082.176
6118.403 9102.201
6148.623 9123.427
6157.578 9131.107
6210.860 9205.286
6239.533 9267.116
6453.897 9507.250
6304.335 9281.623
6070.988 9061.927
6000.770 8959.087
6114.329 9033.726
6071.468 8975.213
6156.888 9117.615
6194.104 9107.752
6190.158 9081.091
6113.693 9006.449
6134.549 9020.843
6112.062 9032.027
6334.141 9234.454
6203.212 9082.993
5958.326 8778.785
5867.719 8684.566
5937.542 8778.334
5946.867 8831.480
6031.328 8968.309
6082.773 8989.424
6117.151 9134.895
6079.678 9009.177
6134.577 9101.372
6115.370 9068.393
6357.202 9362.688
6224.004 9216.150
5950.880 8891.990
5936.307 8862.081
6001.199 8954.314
6009.650 9015.787
6167.682 9190.593
6222.433 9307.219
6192.789 9240.474
6192.852 9222.918
6140.004 9306.034
6052.872 9309.418
6341.328 9686.713
6115.789 9450.853
5817.366 9156.720
5796.237 9131.978
5843.632 9236.287
5804.912 9216.042
5922.554 9452.706
6093.707 9605.432
5985.972 9430.377
6027.283 9480.513
6073.581 9560.682
6097.264 9611.340
6496.117 10029.772
6270.626 9727.697
6067.204 9437.807
6104.776 9455.173
6145.987 9544.759
6165.392 9587.768
6255.254 9717.395
6398.155 9934.710
6415.249 9900.011
6453.426 9994.788
6585.705 10154.564
6569.510 10133.574
6813.331 10468.003
6732.632 9968.193
6546.336 10113.083
6448.800 9986.279
6575.573 10149.874
6452.806 10018.891
6575.805 10167.475
6648.277 10304.094
6611.414 10241.115
6571.705 10225.893
6617.766 10305.496
6585.718 10319.384
6716.775 10533.712
6619.025 10417.560
6460.911 10245.715
6464.278 10213.771
6595.371 10416.457
6640.130 10498.915
6687.160 10592.404
6799.692 10732.435
6674.762 10617.684
6591.429 10535.047
6588.062 10603.799
6555.291 10611.296
6685.535 10751.605
6699.595 10848.162
6441.252 10536.411
6461.027 10524.949
6532.588 10632.868
6468.644 10573.486
6587.500 10700.846
6639.944 10824.702
6645.897 10773.884
6622.741 10741.760
6743.488 10881.200
6730.967 10880.587
6842.527 11051.036
6892.849 11114.623
6664.559 10813.829
6704.991 10811.875
6766.926 10965.588
6834.434 10938.753
6944.718 11091.456
7040.716 11270.114
7064.946 11312.671
7065.991 11277.888
7182.861 11441.169
7239.395 11511.553
7396.199 11661.575
7382.626 11723.240
7174.769 11436.348
7228.167 11488.445
7307.172 11614.666
7289.584 11723.049
7372.006 11724.955
7485.106 12120.578
7539.372 11997.264
7523.765 11995.343
7649.086 12202.378
7629.370 12184.153
7685.238 12445.716
7563.544 12249.269
7399.661 12063.094
7455.483 12141.190
7537.488 12414.333
7543.734 12347.072
7601.589 12502.942
7667.960 12670.863
7625.254 12595.994
7654.158 12634.149
7686.660 12738.190
7731.811 12813.740
7893.571 13113.189
7808.820 12976.278
7703.888 12867.183
7756.333 12912.247
7944.093 13108.886
7864.053 13047.515
7881.493 13105.394
7940.535 13315.216
7861.367 13203.734
7857.696 13224.050
7795.823 13209.022
7719.458 13159.643
7860.144 13351.999
7826.418 13334.765
7652.361 13110.897
7752.460 13152.109
7882.983 13360.201
7928.163 13440.127
7987.371 13561.346
8108.741 13772.153
8116.132 13784.769
8184.493 13840.087
8303.409 14020.065
8322.390 14078.983
8403.596 14302.409
8333.208 14275.895
8184.899 14102.277
8336.810 14282.891
8290.793 14362.805
8300.915 14303.023
8339.506 14343.353
8459.353 14633.463
8467.330 14659.977
8485.008 14606.734
8531.726 14697.662
8570.674 14801.661
8703.173 14903.735
8607.563 14954.987
8417.343 14987.825
8350.998 14665.126
8416.787 14772.192
8261.744 14667.985
8321.090 14688.721
8419.302 14938.240
8372.292 14777.733
8317.813 14668.614
8372.196 14718.635
8461.661 14785.923
8624.600 14917.435
M0 M1 M3
End- End- End-

quarter quarter quarter
data data data
1870 Q1 130.131
Q2 133.474 497.855
Q3 138.380
Q4 138.381 519.311
1871 Q1 135.057
Q2 146.240 533.826
Q3 146.692
Q4 149.015 572.385
1872 Q1 149.932
Q2 148.972 591.667
Q3 151.010
Q4 148.051 593.808
1873 Q1 146.554
Q2 144.016 579.680
Q3 151.321
Q4 151.156 593.844
1874 Q1 147.826
Q2 147.354 600.599
Q3 148.874
Q4 148.921 613.479
1875 Q1 146.425
Q2 158.618 623.233
Q3 158.040
Q4 151.175 632.371
1876 Q1 147.054
Q2 153.195 618.035
Q3 164.532
Q4 154.538 634.352
1877 Q1 149.915
Q2 149.013 598.749
Q3 148.714
Q4 147.367 600.196
1878 Q1 149.864
Q2 148.254 589.338
Q3 144.153
Q4 152.799 569.292
1879 Q1 155.141
Q2 155.154 557.126
Q3 157.693
Q4 152.683 574.054
1880 Q1 145.023
Q2 147.111 557.556
Q3 145.511
Q4 143.385 571.541
1881 Q1 144.716
Q2 147.750 578.787
Q3 143.104
Q4 144.426 591.723
1882 Q1 144.445
Q2 146.564 594.811
Q3 146.755
Q4 144.612 606.066
1883 Q1 144.122
Q2 141.081 598.437
Q3 146.945
Q4 142.135 601.556
1884 Q1 142.976
Q2 145.598 611.224
Q3 142.590
Q4 143.191 604.394
1885 Q1 143.172
Q2 151.695 613.976
Q3 146.195
Q4 141.290 616.549
1886 Q1 138.544
Q2 140.447 612.655
Q3 140.968
Q4 140.343 619.141
1887 Q1 141.546
Q2 139.291 625.427
Q3 136.076
Q4 137.053 627.185
1888 Q1 138.584
Q2 138.814 639.156
Q3 139.074
Q4 139.361 652.366
1889 Q1 138.576
Q2 138.421 664.140
Q3 137.331
Q4 140.014 672.300
1890 Q1 144.776
Q2 145.182 690.479
Q3 147.620
Q4 155.700 697.670
1891 Q1 148.748
Q2 156.931 711.046
Q3 156.455
Q4 155.825 719.959
1892 Q1 154.855
Q2 162.427 729.929
Q3 162.296
Q4 158.855 726.798
1893 Q1 156.468
Q2 162.385 723.094
Q3 158.825
Q4 157.522 715.983
1894 Q1 157.236
Q2 168.635 727.524
Q3 171.164
Q4 163.624 744.744
1895 Q1 166.761
Q2 170.910 769.236
Q3 182.791
Q4 184.658 792.396
1896 Q1 183.845
Q2 183.698 811.852
Q3 178.322
Q4 178.574 828.928
1897 Q1 176.868
Q2 181.656 845.061
Q3 175.523
Q4 178.406 851.875
1898 Q1 174.146
Q2 181.807 858.762
Q3 176.133
Q4 177.860 863.975
1899 Q1 183.925
Q2 185.228 902.577
Q3 193.357
Q4 195.982 906.761
1900 Q1 197.919
Q2 196.020 910.757
Q3 193.727
Q4 189.811 923.575
1901 Q1 196.829
Q2 201.897 908.077
Q3 201.254
Q4 196.327 911.512
1902 Q1 199.505
Q2 204.079 917.988
Q3 201.208
Q4 211.748 938.426
1903 Q1 197.995
Q2 202.510 904.043
Q3 202.520
Q4 203.532 906.374
1904 Q1 199.248
Q2 198.176 890.339
Q3 196.741
Q4 197.092 904.400
1905 Q1 194.742
Q2 198.141 906.922
Q3 198.136
Q4 197.824 925.067
1906 Q1 201.624
Q2 205.529 930.085
Q3 200.560
Q4 201.802 954.855
1907 Q1 206.250
Q2 213.392 968.453
Q3 213.732
Q4 205.722 959.908
1908 Q1 207.246
Q2 210.022 960.241
Q3 204.680
Q4 217.396 987.954
1909 Q1 211.847
Q2 226.613 992.370
Q3 210.555
Q4 220.600 1001.213
1910 Q1 210.611
Q2 228.343 1026.408
Q3 220.109
Q4 217.590 1029.847
1911 Q1 215.950
Q2 226.120 1033.068
Q3 226.268
Q4 227.241 1054.811
1912 Q1 221.104
Q2 227.014 1062.781
Q3 230.627
Q4 226.416 1087.701
1913 Q1 230.054
Q2 234.318 1095.753
Q3 240.077
Q4 259.288 1153.777
1914 Q1 235.185
Q2 241.557 1154.853
Q3 345.804
Q4 367.300 1329.315
1915 Q1 325.730
Q2 355.903 1397.788
Q3 317.566
Q4 358.772 1434.312
1916 Q1 368.814
Q2 398.709 1517.104
Q3 385.937
Q4 419.074 1654.650
1917 Q1 400.952
Q2 413.607 1668.732
Q3 427.892
Q4 471.101 1938.922
1918 Q1 496.581
Q2 520.861 2023.017
Q3 548.497
Q4 623.725 2428.980
1919 Q1 614.951
Q2 627.982 2528.018
Q3 619.242
Q4 737.148 2801.745
1920 Q1 635.736
Q2 719.711 2894.676
Q3 643.189
Q4 723.501 2964.778
1921 Q1 636.141
Q2 629.271 2848.925
Q3 595.763
Q4 606.634 1615.829 2854.862
1922 Q1 591.340 1559.877 2767.157
Q2 584.313 1529.931 2664.074
Q3 565.421 1474.574 2541.216
Q4 577.770 1536.098 2565.803
1923 Q1 548.925 1445.342 2433.253
Q2 557.671 1489.640 2482.493
Q3 551.194 1437.542 2437.498
Q4 579.145 1510.020 2508.110
1924 Q1 548.506 1427.497 2418.354
Q2 572.969 1488.896 2482.542
Q3 556.023 1436.391 2426.439
Q4 580.296 1491.875 2487.082
1925 Q1 551.778 1409.809 2404.965
Q2 578.315 1436.928 2438.164
Q3 569.285 1400.495 2421.318
Q4 569.943 1463.086 2464.353
1926 Q1 544.238 1375.027 2368.714
Q2 571.401 1439.286 2436.571
Q3 556.512 1384.124 2411.298
Q4 567.732 1448.109 2479.517
1927 Q1 547.205 1361.843 2406.307
Q2 565.986 1443.551 2469.759
Q3 556.854 1412.378 2449.505
Q4 569.241 1467.521 2521.794
1928 Q1 556.450 1380.617 2431.864
Q2 574.490 1445.995 2503.454
Q3 577.385 1407.198 2500.696
Q4 575.861 1505.501 2591.833
1929 Q1 563.913 1386.153 2508.711
Q2 574.912 1429.108 2550.480
Q3 546.890 1391.327 2540.517
Q4 559.025 1417.318 2558.757
1930 Q1 559.462 1315.197 2444.663
Q2 561.253 1408.565 2572.957
Q3 564.427 1395.219 2560.273
Q4 575.718 1469.147 2644.021
1931 Q1 547.645 1346.003 2508.699
Q2 576.944 1449.170 2550.879
Q3 551.780 1354.518 2482.916
Q4 563.837 1363.493 2520.170
1932 Q1 546.330 1263.506 2437.622
Q2 566.261 1337.867 2551.430
Q3 573.645 1388.255 2672.295
Q4 551.085 1460.210 2779.532
1933 Q1 610.471 1423.573 2734.438
Q2 624.433 1515.211 2814.774
Q3 625.355 1496.883 2800.235
Q4 630.520 1543.180 2792.344
1934 Q1 629.970 1412.832 2646.267
Q2 624.478 1479.211 2724.845
Q3 623.229 1469.230 2697.779
Q4 629.374 1587.008 2837.325
1935 Q1 632.812 1524.139 2779.435
Q2 632.085 1623.775 2887.192
Q3 619.715 1629.077 2907.642
Q4 631.788 1711.073 2993.593
1936 Q1 632.493 1650.300 2936.464
Q2 644.636 1768.572 3099.016
Q3 677.699 1793.931 3140.593
Q4 691.193 1867.757 3206.462
1937 Q1 675.898 1767.366 3133.588
Q2 711.595 1857.464 3223.575
Q3 709.038 1858.963 3224.199
Q4 732.723 1910.329 3271.898
1938 Q1 720.963 1836.582 3183.356
Q2 720.870 1858.921 3241.347
Q3 706.067 1852.753 3216.559
Q4 738.809 1881.421 3198.226
1939 Q1 705.604 1795.139 3072.670
Q2 707.981 1861.497 3172.908
Q3 768.788 1923.229 3230.853
Q4 782.550 2060.531 3405.198
1940 Q1 765.843 1998.966 3309.472
Q2 800.847 2121.838 3455.306
Q3 836.004 2288.474 3610.759
Q4 861.555 2498.310 3802.439
1941 Q1 846.769 2469.909 3786.673
Q2 891.889 2626.320 3977.445
Q3 964.493 2814.946 4225.471
Q4 1102.826 3113.948 4565.614
1942 Q1 1042.052 2924.599 4267.464
Q2 1071.025 3078.590 4522.009
Q3 1125.446 3227.165 4690.536
Q4 1285.128 3570.256 5084.799
1943 Q1 1210.373 3472.649 4997.576
Q2 1355.718 3533.403 5210.341
Q3 1291.486 3718.406 5305.985
Q4 1453.220 4056.722 5723.594
1944 Q1 1460.800 4002.049 5709.781
Q2 1491.614 4109.714 5885.292
Q3 1547.734 4261.380 6090.103
Q4 1638.378 4542.209 6436.248
1945 Q1 1598.842 4448.798 6385.903
Q2 1688.784 4720.887 6766.928
Q3 1755.864 4932.982 7022.841
Q4 1803.629 4931.828 6970.790
1946 Q1 1785.354 4790.415 6850.886
Q2 1824.467 5064.256 7221.647
Q3 1842.987 5268.866 7483.571
Q4 1912.909 5684.526 7969.184
1947 Q1 1899.338 5456.018 7947.748
Q2 1892.153 5496.435 8020.527
Q3 1885.085 5497.668 8080.681
Q4 1899.243 5763.268 8245.829
1948 Q1 1754.276 5372.818 8044.772
Q2 1760.142 5555.353 8215.796
Q3 1769.157 5572.470 8210.902
Q4 1765.518 5901.419 8426.280
1949 Q1 1764.217 5524.358 8036.292
Q2 1764.795 5698.121 8316.931
Q3 1811.309 5713.274 8310.254
Q4 1812.809 5868.546 8453.125
1950 Q1 1760.639 5510.395 7997.251
Q2 1753.883 5661.313 8271.715
Q3 1802.435 5705.411 8315.934
Q4 1918.548 6086.326 8716.184
1951 Q1 1811.859 5703.491 8308.914
Q2 1860.322 5834.057 8489.566
Q3 1853.708 5820.421 8442.545
Q4 1898.142 6066.169 8625.296
1952 Q1 1855.541 5645.976 8181.567
Q2 1905.404 5643.135 8400.836
Q3 1945.018 5717.849 8487.758
Q4 1987.700 6024.011 8799.544
1953 Q1 1938.848 5679.058 8395.390
Q2 2028.366 5835.068 8681.794
Q3 2022.598 5879.815 8771.360
Q4 2114.135 6182.961 9152.341
1954 Q1 2081.826 5825.264 8718.478
Q2 2126.180 6064.776 9082.176
Q3 2120.518 6157.578 9131.107
Q4 2230.529 6453.897 9507.250
1955 Q1 2170.750 6000.770 8959.087
Q2 2244.087 6156.888 9117.615
Q3 2231.167 6113.693 9006.449
Q4 2292.385 6334.141 9234.454
1956 Q1 2298.042 5867.719 8684.566
Q2 2305.818 6031.328 8968.309
Q3 2325.536 6079.678 9009.177
Q4 2403.635 6357.202 9362.688
1957 Q1 2326.147 5936.307 8862.081
Q2 2388.576 6167.682 9190.593
Q3 2414.231 6192.852 9222.918
Q4 2535.296 6341.328 9686.713
1958 Q1 2408.960 5796.237 9131.978
Q2 2444.737 5922.554 9452.706
Q3 2468.203 6027.283 9480.513
Q4 2595.579 6496.117 10029.772
1959 Q1 2485.570 6104.776 9455.173
Q2 2578.736 6255.254 9717.395
Q3 2568.475 6453.426 9994.788
Q4 2681.825 6813.331 10468.003
1960 Q1 2605.975 6448.800 9986.279
Q2 2706.447 6575.805 10167.475
Q3 2695.119 6571.705 10225.893
Q4 2816.289 6716.775 10533.712
1961 Q1 2720.781 6464.278 10213.771
Q2 2793.368 6687.160 10592.404
Q3 2781.516 6591.429 10535.047
Q4 2906.765 6685.535 10751.605
1962 Q1 2849.681 6461.027 10524.949
Q2 2830.765 6587.500 10700.846
Q3 2790.900 6622.741 10741.760
Q4 2915.176 6842.527 11051.036
1963 Q1 2820.900 6704.991 10811.875
Q2 2903.100 6944.718 11091.456
Q3 2904.300 7065.991 11277.888
Q4 3039.700 7396.199 11661.575
1964 Q1 2975.700 7228.167 11488.445
Q2 3065.700 7372.006 11724.955
Q3 3078.400 7523.765 11995.343
Q4 3269.000 7685.238 12445.716
1965 Q1 3207.600 7455.483 12141.190
Q2 3293.100 7601.589 12502.942
Q3 3297.400 7654.158 12634.149
Q4 3413.800 7893.571 13113.189
1966 Q1 3353.900 7756.333 12912.247
Q2 3431.600 7881.493 13105.394
Q3 3447.400 7857.696 13224.050
Q4 3523.600 7860.144 13351.999
1967 Q1 3462.100 7752.460 13152.109
Q2 3499.100 7987.371 13561.346
Q3 3533.100 8184.493 13840.087
Q4 3689.100 8403.596 14302.409
1968 Q1 3643.100 8336.810 14282.891
Q2 3718.100 8339.506 14343.353
Q3 3749.100 8485.008 14606.734
Q4 3821.100 8703.173 14903.735
1969 Q1 3798.100 8350.998 14665.126
Q2 3867.100 8321.090 14688.721
Q3 3826.100 8317.813 14668.614
Q4 3960.700 8624.600 14917.435
M0 M1 M3
Year end Year end Year end

data data data
1870 138.381 519.311
1871 149.015 572.385
1872 148.051 593.808
1873 151.156 593.844
1874 148.921 613.479
1875 151.175 632.371
1876 154.538 634.352
1877 147.367 600.196
1878 152.799 569.292
1879 152.683 574.054
1880 143.385 571.541
1881 144.426 591.723
1882 144.612 606.066
1883 142.135 601.556
1884 143.191 604.394
1885 141.290 616.549
1886 140.343 619.141
1887 137.053 627.185
1888 139.361 652.366
1889 140.014 672.300
1890 155.700 697.670
1891 155.825 719.959
1892 158.855 726.798
1893 157.522 715.983
1894 163.624 744.744
1895 184.658 792.396
1896 178.574 828.928
1897 178.406 851.875
1898 177.860 863.975
1899 195.982 906.761
1900 189.811 923.575
1901 196.327 911.512
1902 211.748 938.426
1903 203.532 906.374
1904 197.092 904.400
1905 197.824 925.067
1906 201.802 954.855
1907 205.722 959.908
1908 217.396 987.954
1909 220.600 1001.213
1910 217.590 1029.847
1911 227.241 1054.811
1912 226.416 1087.701
1913 259.288 1153.777
1914 367.300 1329.315
1915 358.772 1434.312
1916 419.074 1654.650
1917 471.101 1938.922
1918 623.725 2428.980
1919 737.148 2801.745
1920 723.501 2964.778
1921 606.634 1615.829 2854.862
1922 577.770 1536.098 2565.803
1923 579.145 1510.020 2508.110
1924 580.296 1491.875 2487.082
1925 569.943 1463.086 2464.353
1926 567.732 1448.109 2479.517
1927 569.241 1467.521 2521.794
1928 575.861 1505.501 2591.833
1929 559.025 1417.318 2558.757
1930 575.718 1469.147 2644.021
1931 563.837 1363.493 2520.170
1932 551.085 1460.210 2779.532
1933 630.520 1543.180 2792.344
1934 629.374 1587.008 2837.325
1935 631.788 1711.073 2993.593
1936 691.193 1867.757 3206.462
1937 732.723 1910.329 3271.898
1938 738.809 1881.421 3198.226
1939 782.550 2060.531 3405.198
1940 861.555 2498.310 3802.439
1941 1102.826 3113.948 4565.614
1942 1285.128 3570.256 5084.799
1943 1453.220 4056.722 5723.594
1944 1638.378 4542.209 6436.248
1945 1803.629 4931.828 6970.790
1946 1912.909 5684.526 7969.184
1947 1899.243 5763.268 8245.829
1948 1765.518 5901.419 8426.280
1949 1812.809 5868.546 8453.125
1950 1918.548 6086.326 8716.184
1951 1898.142 6066.169 8625.296
1952 1987.700 6024.011 8799.544
1953 2114.135 6182.961 9152.341
1954 2230.529 6453.897 9507.250
1955 2292.385 6334.141 9234.454
1956 2403.635 6357.202 9362.688
1957 2535.296 6341.328 9686.713
1958 2595.579 6496.117 10029.772
1959 2681.825 6813.331 10468.003
1960 2816.289 6716.775 10533.712
1961 2906.765 6685.535 10751.605
1962 2915.176 6842.527 11051.036
1963 3039.700 7396.199 11661.575
1964 3269.000 7685.238 12445.716
1965 3413.800 7893.571 13113.189
1966 3523.600 7860.144 13351.999
1967 3689.100 8403.596 14302.409
1968 3821.100 8703.173 14903.735
1969 3960.700 8624.600 14917.435
Notes and coin M0
Break-adjusted stocks Notes and coin + bankers'

outstanding at the end of Notes and coin, projected back balances/reserve balances at
the period in £mn, with Capie and Webber (1985) M0 BoE,projected back with Capie
seasonally-adjusted data and Webber(1985) M0 data
1870 Q1 121 128
Q2 124 131
Q3 125 132
Q4 127 135
1871 Q1 126 133
Q2 136 144
Q3 133 140
Q4 137 145
1872 Q1 140 148
Q2 139 146
Q3 137 144
Q4 136 144
1873 Q1 137 145
Q2 134 142
Q3 137 144
Q4 139 147
1874 Q1 139 147
Q2 137 145
Q3 134 142
Q4 137 145
1875 Q1 138 145
Q2 147 156
Q3 143 151
Q4 140 148
1876 Q1 138 146
Q2 142 150
Q3 149 158
Q4 143 151
1877 Q1 140 148
Q2 137 145
Q3 135 143
Q4 137 144
1878 Q1 140 148
Q2 136 144
Q3 132 139
Q4 142 150
1879 Q1 144 153
Q2 142 150
Q3 144 153
Q4 141 149
1880 Q1 135 142
Q2 134 142
Q3 134 141
Q4 133 140
1881 Q1 134 142
Q2 135 143
Q3 131 139
Q4 134 141
1882 Q1 134 141
Q2 134 141
Q3 135 143
Q4 134 142
1883 Q1 133 141
Q2 129 136
Q3 135 143
Q4 132 139
1884 Q1 132 140
Q2 133 140
Q3 131 139
Q4 133 140
1885 Q1 132 140
Q2 138 146
Q3 135 142
Q4 131 138
1886 Q1 128 135
Q2 128 135
Q3 130 138
Q4 130 137
1887 Q1 131 138
Q2 127 134
Q3 126 133
Q4 127 134
1888 Q1 128 135
Q2 127 134
Q3 129 136
Q4 129 136
1889 Q1 128 135
Q2 127 134
Q3 127 134
Q4 129 137
1890 Q1 135 142
Q2 133 140
Q3 136 144
Q4 144 152
1891 Q1 139 147
Q2 143 151
Q3 144 152
Q4 144 152
1892 Q1 145 154
Q2 148 156
Q3 149 157
Q4 147 155
1893 Q1 147 155
Q2 148 156
Q3 146 154
Q4 146 154
1894 Q1 148 156
Q2 154 162
Q3 157 166
Q4 151 160
1895 Q1 156 165
Q2 156 164
Q3 168 178
Q4 170 180
1896 Q1 171 181
Q2 167 177
Q3 165 174
Q4 165 174
1897 Q1 164 174
Q2 166 175
Q3 162 171
Q4 164 174
1898 Q1 161 170
Q2 166 175
Q3 163 172
Q4 164 173
1899 Q1 170 180
Q2 169 179
Q3 178 189
Q4 181 191
1900 Q1 183 193
Q2 179 189
Q3 178 189
Q4 175 185
1901 Q1 182 192
Q2 184 195
Q3 185 195
Q4 181 191
1902 Q1 184 195
Q2 186 197
Q3 185 195
Q4 194 205
1903 Q1 183 193
Q2 184 195
Q3 186 196
Q4 187 197
1904 Q1 184 194
Q2 180 190
Q3 180 190
Q4 181 191
1905 Q1 179 189
Q2 180 190
Q3 182 192
Q4 182 192
1906 Q1 185 196
Q2 186 197
Q3 184 194
Q4 186 197
1907 Q1 190 200
Q2 193 203
Q3 196 208
Q4 190 200
1908 Q1 191 202
Q2 189 200
Q3 188 199
Q4 200 212
1909 Q1 196 207
Q2 204 216
Q3 193 204
Q4 203 214
1910 Q1 196 207
Q2 207 218
Q3 202 213
Q4 199 211
1911 Q1 202 213
Q2 206 218
Q3 206 218
Q4 208 219
1912 Q1 207 219
Q2 208 220
Q3 210 222
Q4 206 218
1913 Q1 216 228
Q2 216 229
Q3 218 230
Q4 236 249
1914 Q1 218 230
Q2 220 232
Q3 323 342
Q4 321 339
1915 Q1 302 319
Q2 324 342
Q3 297 313
Q4 313 331
1916 Q1 340 360
Q2 363 384
Q3 360 381
Q4 366 387
1917 Q1 369 390
Q2 377 398
Q3 399 422
Q4 411 434
1918 Q1 455 481
Q2 474 501
Q3 512 541
Q4 544 575
1919 Q1 563 595
Q2 572 605
Q3 578 611
Q4 643 679
1920 Q1 583 616
Q2 656 693
Q3 600 634
Q4 632 668
1921 Q1 585 619
Q2 573 605
Q3 554 585
Q4 531 561
1922 Q1 546 577
Q2 531 561
Q3 524 554
Q4 508 537
1923 Q1 509 538
Q2 505 534
Q3 508 537
Q4 512 541
1924 Q1 510 539
Q2 518 547
Q3 510 539
Q4 515 544
1925 Q1 514 543
Q2 521 550
Q3 521 550
Q4 509 537
1926 Q1 506 535
Q2 513 542
Q3 508 537
Q4 509 538
1927 Q1 508 537
Q2 507 536
Q3 509 537
Q4 512 541
1928 Q1 515 545
Q2 515 544
Q3 528 557
Q4 519 548
1929 Q1 521 550
Q2 516 545
Q3 500 528
Q4 504 532
1930 Q1 516 545
Q2 504 533
Q3 516 545
Q4 519 549
1931 Q1 504 533
Q2 519 549
Q3 504 533
Q4 510 539
1932 Q1 502 530
Q2 511 540
Q3 525 554
Q4 499 528
1933 Q1 560 592
Q2 565 597
Q3 572 604
Q4 572 605
1934 Q1 578 611
Q2 567 599
Q3 570 602
Q4 571 603
1935 Q1 581 613
Q2 575 608
Q3 566 598
Q4 571 603
1936 Q1 581 614
Q2 588 621
Q3 618 653
Q4 621 656
1937 Q1 622 657
Q2 651 688
Q3 646 682
Q4 655 692
1938 Q1 665 703
Q2 661 698
Q3 641 677
Q4 657 694
1939 Q1 652 689
Q2 651 688
Q3 697 737
Q4 692 731
1940 Q1 708 748
Q2 738 780
Q3 758 801
Q4 758 801
1941 Q1 781 825
Q2 823 870
Q3 876 926
Q4 966 1021
1942 Q1 959 1013
Q2 987 1042
Q3 1024 1082
Q4 1124 1187
1943 Q1 1110 1173
Q2 1246 1317
Q3 1178 1244
Q4 1269 1341
1944 Q1 1337 1412
Q2 1369 1446
Q3 1412 1492
Q4 1431 1512
1945 Q1 1464 1547
Q2 1537 1624
Q3 1590 1680
Q4 1603 1694
1946 Q1 1636 1728
Q2 1662 1756
Q3 1669 1764
Q4 1700 1796
1947 Q1 1741 1840
Q2 1726 1824
Q3 1708 1805
Q4 1687 1783
1948 Q1 1610 1701
Q2 1607 1698
Q3 1605 1696
Q4 1569 1658
1949 Q1 1622 1714
Q2 1611 1702
Q3 1644 1737
Q4 1613 1704
1950 Q1 1622 1714
Q2 1598 1689
Q3 1636 1729
Q4 1708 1805
1951 Q1 1673 1768
Q2 1690 1785
Q3 1684 1780
Q4 1690 1786
1952 Q1 1716 1813
Q2 1725 1823
Q3 1770 1870
Q4 1769 1870
1953 Q1 1795 1896
Q2 1833 1937
Q3 1843 1947
Q4 1881 1988
1954 Q1 1928 2037
Q2 1921 2030
Q3 1934 2043
Q4 1982 2094
1955 Q1 2011 2125
Q2 2029 2144
Q3 2036 2152
Q4 2033 2148
1956 Q1 2129 2249
Q2 2087 2205
Q3 2124 2244
Q4 2129 2249
1957 Q1 2155 2278
Q2 2163 2286
Q3 2206 2331
Q4 2243 2370
1958 Q1 2232 2358
Q2 2214 2340
Q3 2258 2386
Q4 2295 2425
1959 Q1 2302 2432
Q2 2336 2469
Q3 2354 2487
Q4 2371 2505
1960 Q1 2411 2548
Q2 2453 2592
Q3 2474 2614
Q4 2493 2634
1961 Q1 2513 2655
Q2 2532 2675
Q3 2556 2700
Q4 2576 2722
1962 Q1 2626 2775
Q2 2566 2711
Q3 2563 2708
Q4 2585 2732
1963 Q1 2594 2742
Q2 2631 2780
Q3 2663 2814
Q4 2697 2850
1964 Q1 2731 2886
Q2 2777 2935
Q3 2817 2977
Q4 2902 3067
1965 Q1 2938 3105
Q2 2982 3151
Q3 3010 3181
Q4 3034 3206
1966 Q1 3067 3241
Q2 3106 3282
Q3 3142 3320
Q4 3135 3312
1967 Q1 3162 3341
Q2 3167 3347
Q3 3218 3400
Q4 3285 3472
1968 Q1 3325 3514
Q2 3366 3557
Q3 3414 3608
Q4 3405 3598
1969 Q1 3466 3663
Q2 3501 3699
Q3 3548 3719
Q4 3623 3746
1970 Q1 3679 3775
Q2 3739 3824
Q3 3849 3929
Q4 3877 3962
1971 Q1 4144 4253
Q2 4043 4169
Q3 4071 4185
Q4 4084 4159
1972 Q1 4170 4247
Q2 4332 4447
Q3 4416 4511
Q4 4580 4705
1973 Q1 4717 4841
Q2 4830 4949
Q3 4905 5049
Q4 5022 5184
1974 Q1 5155 5363
Q2 5293 5417
Q3 5563 5723
Q4 5801 5992
1975 Q1 5960 6170
Q2 6178 6356
Q3 6311 6500
Q4 6453 6660
1976 Q1 6689 6846
Q2 6878 7028
Q3 7108 7264
Q4 7222 7419
1977 Q1 7407 7574
Q2 7718 7874
Q3 7810 7987
Q4 8212 8372
1978 Q1 8447 8647
Q2 8779 8986
Q3 9071 9236
Q4 9376 9550
1979 Q1 9709 9836
Q2 9904 10098
Q3 10138 10429
Q4 10453 10671
1980 Q1 10632 10827
Q2 10801 11033
Q3 10901 11211
Q4 11025 11300
1981 Q1 11214 11579
Q2 11356 11657
Q3 11490 11823
Q4 11618 11920
1982 Q1 11586 11864
Q2 11650 11931
Q3 11837 12095
Q4 12014 12275
1983 Q1 12251 12483
Q2 12478 12667
Q3 12622 12795
Q4 12788 12966
1984 Q1 12941 13209
Q2 13168 13396
Q3 13341 13565
Q4 13469 13711
1985 Q1 13711 13937
Q2 13817 14068
Q3 13877 14067
Q4 13969 14256
1986 Q1 14167 14415
Q2 14303 14541
Q3 14478 14729
Q4 14673 15016
1987 Q1 14760 15053
Q2 14969 15155
Q3 15180 15426
Q4 15440 15727
1988 Q1 15696 15914
Q2 16007 16218
Q3 16467 16697
Q4 16628 16818
1989 Q1 16735 16920
Q2 16980 17184
Q3 17247 17454
Q4 17604 17867
1990 Q1 17819 18005
Q2 18072 18288
Q3 18117 18314
Q4 18101 18272
1991 Q1 18260 18454
Q2 18467 18658
Q3 18554 18740
Q4 18624 18901
1992 Q1 18611 18829
Q2 18791 18963
Q3 18979 19157
Q4 19300 19529
1993 Q1 19537 19735
Q2 19697 19840
Q3 20002 20205
Q4 20347 20626
1994 Q1 20692 20844
Q2 21013 21178
Q3 21311 21561
Q4 21650 21862
1995 Q1 21944 22328
Q2 22259 22400
Q3 22523 22744
Q4 22855 23141
1996 Q1 23357 23592
Q2 23819 24056
Q3 24260 24420
Q4 24424 24668
1997 Q1 24823 25073
Q2 25323 25596
Q3 25660 25886
Q4 26029 26268
1998 Q1 26414 26693
Q2 26755 27015
Q3 27212 27456
Q4 27542 27899
1999 Q1 27921 28187
Q2 28690 29004
Q3 29128 29450
Q4 30775 31093
2000 Q1 30314 30564
Q2 30861 31222
Q3 31585 31866
Q4 32212 32515
2001 Q1 32826 33114
Q2 33000 33283
Q3 33758 33940
Q4 34843 35000
2002 Q1 35383 35544
Q2 36141 36640
Q3 36471 36673
Q4 37030 37238
2003 Q1 37758 37882
Q2 38569 38904
Q3 39313 39517
Q4 39855 40001
2004 Q1 40361 40562
Q2 41010 41408
Q3 41597 41810
Q4 42185 42284
2005 Q1 42397 42633
Q2 42641 42967
Q3 43220 44077
Q4 43622 44273
2006 Q1 44484 45500
Q2 44995 67169
Q3 45449 64188
Q4 45852 66145
2007 Q1 46221 63999
Q2 47111 65142
Q3 47950 72699
Q4 48591 72550
2008 Q1 49287 75066
Q2 49757 78165
Q3 50405 86798
Q4 52102 95281
2009 Q1 53460 94304
Q2 54059 179457
Q3 54715 192103
Q4 55684 201515
2010 Q1 56376 208651
Q2 57165 206901
Q3 57356 201735
Q4 57864 197817
2011 Q1 58570 193989
Q2 59459 188361
Q3 60404 185133
Q4 60935 224840
2012 Q1 61875 264148
Q2 62527 290734
Q3 63302 325594
Q4 63556 339239
2013 Q1 64675 343367
Q2 65492 355230
Q3 66154 361257
Q4 66634 365461
Money market reforms,

reserves interest bearing from
this point
QE starts here
NIB M1 MZM
Non-MFI holdings of notes and coin + Non-MFI holdings of notes and

non-interest bearing sight deposits, coin + sight deposits, projected
projected back with BEQB and Capie back with BEQB and Capie and
and Webber(1985) M1 data Webber(1985) M1 data
1705 2752
1740 2808
1641 2648
1633 2635
1621 2616
1613 2603
1598 2578
1591 2568
1593 2571
1595 2574
1596 2576
1589 2563
1574 2540
1578 2546
1540 2485
1547 2496
1543 2490
1542 2488
1543 2490
1526 2462
1527 2464
1530 2469
1548 2498
1554 2508
1546 2495
1554 2508
1551 2503
1546 2494
1586 2560
1563 2521
1534 2475
1525 2461
1494 2411
1484 2394
1514 2442
1526 2463
1549 2500
1519 2451
1558 2514
1481 2389
1438 2320
1426 2300
1439 2322
1517 2448
1540 2485
1605 2590
1631 2632
1636 2640
1627 2626
1592 2568
1594 2572
1605 2590
1673 2700
1715 2768
1753 2828
1779 2870
1805 2912
1854 2992
1914 3088
1957 3157
1970 3178
1982 3198
2017 3255
2024 3266
2014 3250
2055 3316
2028 3272
2015 3251
1980 3195
2005 3235
2040 3292
2091 3375
2163 3490
2228 3594
2336 3769
2491 4019
2616 4221
2747 4432
2900 4680
3067 4949
3256 5253
3248 5240
3403 5491
3520 5679
3732 6021
3855 6219
3903 6297
4059 6549
4243 6846
4444 7170
4531 7310
4654 7509
4754 7670
4947 7981
5192 8377
5388 8694
5162 8330
5338 8613
5557 8966
5755 9286
5949 9598
6094 9832
6020 9713
6009 9696
6025 9722
6008 9695
6081 9812
6094 9833
6163 9945
6183 9976
6237 10063
6250 10085
6124 9882
6171 9956
6197 9999
6240 10068
6351 10247
6390 10311
6385 10303
6363 10266
6331 10215
6328 10210
6177 9967
6246 10077
6289 10147
6369 10276
6386 10304
6417 10354
6456 10417
6540 10552
6635 10706
6712 10830
6743 10879
6743 10880
6735 10866
6658 10743
6620 10681
6596 10643
6597 10644
6618 10677
6648 10726
6671 10763
6746 10884
6739 10873
6642 10717
6503 10493
6475 10447
6558 10581
6824 11010
6831 11022
6833 11025
7022 11330
7185 11593
7193 11605
7174 11576
7153 11542
7111 11473
7186 11595
7289 11761
7175 11577
7103 11461
7164 11559
7175 11576
7209 11632
7289 11761
7419 11971
7603 12268
7677 12386
7881 12716
7943 12817
8017 12935
8147 13145
8133 13123
8177 13194
8290 13376
8331 13441
8443 13622
8628 13922
8597 13872
8614 13898
8426 13595
8644 13947
8793 14187
9082 14653
9127 14727
9214 14867
9381 15137
9432 15219
9479 15295
9369 15117
9183 14817
9282 14976
9499 15327
9564 15432
9912 15993
10101 16298
10384 16754
10905 17596
10981 17718
11435 18450
11955 19290
12569 20280
13021 21010
13285 21435
13601 21945
13805 22275
14625 23598
14320 23105
14326 23115
14281 23042
14650 23637
14975 24162
15912 25674
16450 26542
16907 27280
17691 28544
18042 29111
18923 30532
19501 31464
20232 32645
20121 32466
20762 33499
21627 35159
22787 37769
24258 39606
25574 41781
26226 42836
27426 44742
28007 46072
28811 47294
29368 48068
30118 49681
30548 50266
30257 50044
30670 51088
30837 51070
31753 52486
32740 54146
33645 56110
33602 57192
33632 58586
33607 59087
34257 60413
35318 62480
36202 65495
37683 67933
37673 69589
38218 70516
39496 72886
40317 76402
41288 79546
41497 82067
42569 84531
42694 87897
42020 91409
42782 95974
43783 100596
44444 105107
46163 111134
49928 119675
49804 124125
50734 131779
52904 138728
53761 146126
54435 152683
58428 159718
59826 166225
60868 172315
60598 174386
59438 181759
57543 188440
57603 198076
57878 204482
57438 206403
57081 212915
55704 215155
54848 218666
54524 218299
54467 223266
53959 225431
53638 227075
53792 227715
53906 228542
55061 230486
56533 235192
55602 234862
57331 238407
57955 241896
60040 250244
62950 257200
62011 255514
62682 258283
62309 258171
62698 269529
63480 269471
64463 281573
65993 289129
68668 294066
70330 300259
69977 305967
70799 310478
70857 318536
73352 333272
76136 339258
79024 347034
79206 355022
78503 365367
79261 372252
80639 375030
82419 385082
82833 391077
86755 400434
90340 408061
89693 418301
91744 429135
95688 440084
97539 451445
98590 467137
105044 479068
105826 491138
107152 501458
109089 508729
108841 523563
112347 535243
102037 547572
101806 563482
103135 576144
107767 590749
112017 605891
112662 621030
117410 644115
114451 661142
113738 678464
116670 694574
119066 716243
120315 736125
124526 766162
125317 777541
121733 785226
123586 804355
131232 838744
127841 841056
133020 875733
130643 891967
136140 895885
132668 897620
134366 897660
144863 889404
139964 879267
168178 895280
168638 889658
173103 919387
192291 946262
199021 952299
205765 956790
205881 953324
209913 950160
213456 953076
215896 949930
221380 955103
221856 947557
231573 955417
233944 966025
241089 981587
251909 1012379
253062 1031906
260254 1062597
271914 1094904
276302 1116778
Err:511
371749.5
381713.6875
387663.6875
397064.25
404499.375
414653.75
425397.28125
436362.9375
447478
463075.46875
474905.96875
486915.4375
497075.28125
504272.28125
518983.46875
530639.25
542724.3125
558570.75
571135.3125
585580.75
600600.5625
615604.3125
638506.875
655393.4375
672559.4375
688492.4375
710003
729744.3125
759523
770764.1875
778417.25
797416.0625
831434.75
833766.25
868166.875
884223.125
888152.5
889884.6875
889917.875
881592.3125
871640.0625
887404.875
881829.8125
911455.3125
938040.125
943387.5
948535.5625
945153.5
941977.125
944002.9375
941754.6875
946939.625
939305.1875
946367.6875
957747.125
973141.875
1003447.5
M2 M3/M4/M4ex
Broad money from 1870 to present.

Combines Capie and Webber M3 data
1870-1963, break-adjusted M4 data
1963-1997Q4 and break-adjusted
M2 = Retail M4 M4xIOFCs data from 1997Q4 onwards.
582
594
603
615
624
646
665
680
692
692
690
685
678
685
690
698
702
709
712
722
729
733
734
730
723
732
736
720
701
700
697
695
690
677
661
658
652
661
667
661
653
659
664
672
678
683
688
693
696
701
705
703
700
701
701
708
715
710
705
711
717
718
720
718
716
719
723
727
730
731
733
739
746
754
762
769
775
780
786
796
805
810
815
822
829
835
842
847
851
850
850
846
843
840
837
843
849
859
871
884
897
912
926
937
947
958
969
977
986
991
996
999
1002
1006
1009
1031
1054
1056
1058
1061
1065
1071
1077
1069
1063
1062
1061
1068
1076
1084
1091
1076
1060
1057
1054
1049
1044
1048
1052
1057
1063
1069
1076
1083
1090
1100
1111
1123
1134
1126
1118
1121
1125
1137
1150
1156
1162
1164
1165
1184
1202
1200
1198
1204
1211
1218
1226
1237
1248
1254
1263
1276
1289
1311
1339
1349
1361
1453
1532
1593
1648
1656
1651
1725
1792
1855
1902
1943
1973
2109
2226
2316
2393
2603
2788
2899
2988
3118
3217
3333
3415
3433
3405
3408
3351
3347
3275
3254
3120
2987
2941
2873
2896
2866
2872
2865
2889
2853
2848
2854
2834
2845
2823
2814
2832
2832
2840
2860
2871
2874
2888
2894
2911
2931
2967
2989
2965
2975
2930
2917
2989
2997
3027
2996
2962
2904
2887
2911
2963
3123
3186
3264
3269
3270
3203
3158
3165
3152
3256
3316
3353
3396
3437
3503
3601
3665
3684
3735
3750
3758
3756
3796
3776
3747
3660
3663
3703
3763
3879
3948
4039
4206
4312
4515
4653
4924
5158
5085
5287
5472
5736
5938
6087
6194
6460
6767
6874
7109
7279
7551
7886
8174
7981
8103
8413
8711
9118
9410
9341
9412
9417
9539
9568
9568
9603
9547
9686
9689
9606
9519
9633
9692
9882
9906
9886
9838
9756
9765
9785
9889
9940
10030
10113
10221
10329
10425
10579
10645
10727
10721
10620
10507
10419
10396
10453
10516
10568
10606
10722
10768
10945
10919
11038
11072
11351
11289
11352
11677
11880
11904
11883
11956
11996
12156
12382
12327
12287
12511
12509
12577
12660
12835
13148
13381
13778
13997
14302
14620
14841
15066
15409
15777
16248
16753
16900
17171
17306
17748
18283
18957
19441
19863
20391
20671
21097
21419
21416
21759
22173
22500
23317
24092
24827
25767
26544
27513
28884
30386
32217
33516
35158
36992
38895
41200
42983
44184
44969
45759
47680
49226
50772
52547
53437
55308
57041
59112
59800
60921
63236
65542
68695
72351
74222
76425
79111
81666
84593
87590
90568
93071
97391
101314
106202
109166
113846
118040
121118
124225
127470
123548 131656
127134 136344
131567 140875
134802 145358
137787 148868
142031 154293
146214 158246
150378 164220
153577 168901
160233 175318
164284 180094
168385 186109
174105 193720
179828 201143
185821 210489
191924 218878
198329 226117
203324 232871
207916 241919
215083 251189
219296 260917
225627 271737
234927 282892
244231 293139
254439 308376
262053 318252
269562 331592
276542 345358
286024 359954
294121 375995
301234 389909
309559 403818
317097 412257
325297 421023
334042 426708
341339 434045
347972 439145
352278 446140
357776 450625
360702 455710
364043 460328
370329 461655
374837 465165
380414 468776
384736 474513
388894 482220
396408 490243
397249 493457
401495 497907
406406 504711
412193 516153
419488 526852
427279 539468
432564 554388
439991 566099
445067 578637
450734 594609
457041 607099
467654 631406
478725 646977
482874 664416
491886 678457
497879 693328
505244 710895
512100 730765
522913 739865
528522 745296
539291 751845
547622 751763
564943 768723
566454 785253
575054 801553
588201 814247
604103 829311
614827 844531
633204 860152
645294 878266
657864 882224
673205 892535
685630 908768
698139 928356
712733 942615
727879 951896
745019 975094
764208 983955
786254 1003987
798712 1013933
818045 1032151
839012 1051448
855841 1076627
874239 1103887
894946 1129499
917480 1151046
935618 1182134
958024 1211397
972848 1245352
989530 1282932
1009379 1300709
1025998 1335463
1046459 1373337
1060048 1412754
1075096 1438209
1094962 1446746
1111199 1463636
1117666 1473096
1125160 1492284
1135517 1510748
1149756 1509320
1170389 1500118
1191198 1519130
1209837 1525146
1214126 1527582
1222662 1530737
1232197 1555297
1238187 1550041
1247504 1554219
1259296 1568101
1270784 1572857
1284475 1593144
1295905 1605277
1318599 1632296
1335401 1653517
1355109 1667780
1375329 1686969
1390492 1699794
1406957 1714732
Aggregate Divisia Household Divisia PNFCs' Divisia
1977Q1=100 (discontinued in
2013Q4) 1977Q1=100 1977Q1=100
100.0 100.0 100.0
103.1 102.9 104.1
106.7 106.3 102.4
110.7 109.9 110.3
115.6 114.4 118.0
119.2 118.3 118.4
123.8 123.0 122.3
127.5 126.7 122.8
132.0 131.4 125.6
136.0 135.6 127.6
141.1 141.4 126.5
145.3 145.6 127.2
148.2 149.2 119.0
152.7 153.8 120.2
156.3 157.9 121.8
162.2 164.2 124.7
167.3 168.7 136.0
172.3 173.4 146.4
176.2 177.4 145.3
179.6 181.5 143.8
182.8 184.9 140.6
187.8 189.9 141.1
193.7 195.9 146.5
199.1 202.3 134.9
208.0 212.6 117.0
211.0 214.4 139.3
215.0 219.4 125.5
220.2 220.7 178.6
225.2 225.8 169.7
231.8 233.1 165.4
236.1 237.2 169.0
243.0 243.7 179.8
248.1 250.2 174.7
251.6 255.1 167.7
258.0 261.3 173.5
265.3 268.5 184.0
274.0 279.5 170.4
284.7 291.0 173.1
302.5 295.7 290.0
307.8 301.9 293.5
316.1 308.9 299.5
329.1 321.9 316.3
337.6 330.5 323.8
347.4 341.8 321.4
368.6 353.2 443.1
381.2 363.5 475.3
398.9 382.7 457.1
406.2 389.0 466.5
414.3 395.7 479.5
421.2 403.1 461.9
438.5 420.9 447.5
451.3 433.1 445.4
459.7 440.6 452.7
469.4 448.8 455.2
474.0 454.3 448.3
479.0 460.7 416.0
482.7 464.9 408.9
487.9 470.1 412.6
492.7 475.0 408.8
495.3 477.5 402.6
500.9 482.8 400.0
503.1 484.7 401.7
506.8 485.8 435.7
512.1 491.5 449.2
510.2 490.6 448.5
515.4 495.2 454.3
519.0 499.1 459.0
524.8 502.5 518.7
531.2 507.2 566.6
529.5 505.1 572.7
534.2 509.6 587.7
535.9 511.7 579.9
546.4 520.0 590.2
552.7 526.6 591.8
564.5 538.3 581.2
572.6 544.3 612.8
592.3 562.6 652.8
600.8 571.1 669.6
606.7 576.0 672.1
614.3 581.6 727.1
631.9 599.7 688.8
648.7 611.3 700.5
661.4 624.2 682.0
677.5 636.9 717.7
687.3 641.5 745.9
701.8 654.4 745.6
711.7 666.0 754.2
721.8 679.8 747.2
731.8 685.2 797.2
750.0 705.3 798.9
760.5 712.7 807.7
775.1 726.9 845.7
777.5 725.3 859.2
789.5 735.0 877.6
807.5 750.5 919.6
820.9 760.7 938.3
839.6 777.9 967.3
861.9 795.4 1026.7
879.5 812.6 1040.7
896.9 831.3 1044.8
912.7 848.0 1067.6
933.2 868.1 1068.5
954.3 887.7 1104.5
964.9 903.5 1070.9
987.5 926.8 1081.9
1006.8 945.1 1074.7
1032.0 966.2 1126.9
1059.9 991.6 1147.5
1080.0 1009.3 1191.3
1110.0 1031.6 1239.1
1129.1 1053.9 1243.7
1146.5 1070.8 1265.4
1170.7 1092.3 1267.7
1198.9 1115.4 1277.0
1221.2 1135.2 1303.4
1251.3 1155.5 1330.7
1270.4 1174.1 1393.0
1284.0 1192.8 1424.2
1313.3 1221.1 1436.6
1350.9 1236.1 1472.1
1364.6 1257.2 1498.7
1402.1 1283.2 1527.2
1421.0 1302.6 1517.3
1449.9 1338.0 1544.9
1459.7 1352.6 1540.6
1463.7 1358.0 1565.3
1484.2 1359.0 1527.9
1459.9 1330.3 1519.5
1506.7 1364.0 1570.1
1509.7 1372.5 1627.1
1537.7 1390.7 1726.3
1569.5 1405.1 1809.4
1590.2 1424.4 1825.3
1598.0 1428.3 1814.5
1603.3 1435.5 1844.7
1605.8 1436.6 1879.3
1617.4 1449.7 1916.6
1611.1 1438.8 1957.7
1626.3 1453.0 2004.2
1625.9 1462.5 1998.9
1648.0 1486.3 2023.8
1662.8 1494.5 2065.0
1691.5 1518.8 2125.8
1734.9 1549.7 2164.2
1769.4 1578.1 2221.8
1812.3 1618.6 2330.4
1861.0 1658.9 2375.4
1890.7 1683.5 2493.2
Nominal GDP
Interpolated
annual data
before 1955
251
258
266
272
271
280
288
292
292
296
304
308
306
314
320
318
311
313
315
313
304
306
308
307
302
301
303
303
296
299
301
299
291
292
293
288
278
277
281
288
291
297
304
305
299
303
308
312
308
314
320
320
313
317
319
315
308
305
306
304
296
298
301
301
295
299
304
308
305
312
319
321
321
323
331
337
335
344
352
354
348
353
358
359
351
356
358
355
347
344
346
346
338
342
349
355
353
363
371
372
366
371
378
381
380
383
390
392
386
393
402
408
404
415
426
432
429
441
452
457
452
463
470
469
459
463
469
470
462
468
473
471
459
462
465
464
458
457
464
470
465
476
486
491
485
495
506
514
510
524
528
517
500
489
492
496
490
500
511
517
511
522
533
539
532
543
555
560
559
565
578
586
581
596
604
599
581
582
605
643
666
711
750
774
789
812
861
919
955
1021
1090
1147
1177
1246
1295
1307
1290
1316
1366
1427
1471
1530
1531
1435
1311
1233
1188
1168
1124
1118
1113
1097
1059
1055
1063
1072
1068
1077
1100
1115
1105
1132
1143
1122
1078
1071
1084
1110
1111
1148
1171
1163
1144
1137
1151
1162
1147
1170
1187
1182
1152
1161
1160
1136
1089
1078
1075
1069
1052
1046
1057
1063
1045
1063
1085
1100
1091
1119
1145
1157
1143
1168
1194
1209
1210
1225
1259
1286
1284
1325
1356
1362
1339
1360
1388
1408
1397
1432
1499
1583
1649
1732
1845
1949
2007
2131
2230
2275
2270
2339
2409
2453
2442
2512
2562
2564
2537
2538
2557
2536
2461
2468
2484
2483
2429
2456
2509
2563
2560
2641
2738
2821
2871
2952
3050
3099
3079
3160
3231
3253
3205
3262
3363
3473
3504
3650
3778
3845
3869
3934
4050
4130
4117
4241
4356
4412
4371
4474
4596
4687
4749
4773
4941
5027
5124
5187
5257
5387
5384
5463
5573
5686
5760
5673
5778
5839
5892
6085
6084
6287
6389
6433
6512
6639
6782
6744
6974
6906
7000
7178
7250
7279
7220
7584
7686
7919
7969
8235
8395
8622
8781
8845
9051
9205
9332
9486
9640
9727
9841
10089
10121
10225
10632
10700
11036
11280
11471
11621
11839
12086
12270
12742
13125
13558
13754
14207
14672
15021
15232
15930
16244
17196
18294
18104
18734
19375
19120
20622
21808
22925
24700
26067
27208
28742
30129
30746
31765
33697
34893
36149
37258
38768
40357
41850
42930
44316
45543
48723
51186
53799
55807
57308
59232
60837
61985
63069
64797
66589
68243
69616
70765
72626
74854
75484
77527
79560
80224
82074
82710
85018
86929
90326
91308
93195
94821
96325
97701
100302
102669
105489
109626
111829
115398
117856
121639
125513
128108
130231
133393
136386
139449
143382
145556
145687
148345
150328
151797
154212
156444
157225
157106
159553
163203
164273
167370
169825
172551
174511
177089
181540
183301
185576
188451
190872
194410
198283
200804
202517
206165
209611
213540
216104
219158
221164
223572
228377
230492
230637
236103
241151
244820
245063
247743
249513
253485
256273
260713
261261
265442
267898
272297
275828
280163
284608
288819
294934
297249
301827
304776
309116
312082
317621
320631
326409
332361
334826
337819
344477
348558
354519
361090
363722
370185
367477
363487
360921
351223
350362
355960
359814
366807
369113
374379
375316
380237
381379
388054
387267
390007
387848
391981
397334
398571
400318
407013
414945
Notes and coin (a) M0
Notes and coin + bankers'

balances/reserve balances
Notes and coin, projected back at BoE,projected back
with Capie and Webber (1985) with Capie and
M0 data Webber(1985) M0 data
1870 Q1
Q2
Q3
Q4
1871 Q1 3.82 3.82
Q2 9.58 9.58
Q3 5.97 5.97
Q4 7.60 7.60
1872 Q1 11.21 11.21
Q2 1.89 1.89
Q3 2.86 2.86
Q4 -0.67 -0.67
1873 Q1 -2.00 -2.00
Q2 -3.32 -3.32
Q3 0.08 0.08
Q4 2.15 2.15
1874 Q1 1.15 1.15
Q2 2.29 2.29
Q3 -1.70 -1.70
Q4 -1.31 -1.31
1875 Q1 -0.86 -0.86
Q2 7.46 7.46
Q3 6.27 6.27
Q4 1.71 1.71
1876 Q1 0.39 0.39
Q2 -3.69 -3.69
Q3 4.38 4.38
Q4 2.41 2.41
1877 Q1 1.74 1.74
Q2 -3.04 -3.04
Q3 -9.31 -9.31
Q4 -4.52 -4.52
1878 Q1 -0.34 -0.34
Q2 -0.90 -0.90
Q3 -2.66 -2.66
Q4 3.64 3.64
1879 Q1 3.17 3.17
Q2 4.29 4.29
Q3 9.80 9.80
Q4 -0.19 -0.19
1880 Q1 -6.78 -6.78
Q2 -5.40 -5.40
Q3 -7.51 -7.51
Q4 -6.15 -6.15
1881 Q1 -0.34 -0.34
Q2 0.35 0.35
Q3 -1.61 -1.61
Q4 0.78 0.78
1882 Q1 -0.26 -0.26
Q2 -0.92 -0.92
Q3 2.63 2.63
Q4 0.26 0.26
1883 Q1 -0.25 -0.25
Q2 -3.86 -3.86
Q3 0.13 0.13
Q4 -1.63 -1.63
1884 Q1 -0.85 -0.85
Q2 3.14 3.14
Q3 -2.90 -2.90
Q4 0.76 0.76
1885 Q1 0.05 0.05
Q2 4.15 4.15
Q3 2.63 2.63
Q4 -1.40 -1.40
1886 Q1 -3.35 -3.35
Q2 -7.36 -7.36
Q3 -3.32 -3.32
Q4 -0.73 -0.73
1887 Q1 2.02 2.02
Q2 -0.56 -0.56
Q3 -3.32 -3.32
Q4 -2.48 -2.48
1888 Q1 -2.07 -2.07
Q2 -0.03 -0.03
Q3 2.32 2.32
Q4 1.58 1.58
1889 Q1 0.20 0.20
Q2 -0.14 -0.14
Q3 -1.37 -1.37
Q4 0.39 0.39
1890 Q1 4.99 4.99
Q2 4.73 4.73
Q3 7.28 7.28
Q4 11.28 11.28
1891 Q1 3.30 3.30
Q2 7.84 7.84
Q3 5.62 5.62
Q4 0.18 0.18
1892 Q1 4.56 4.56
Q2 3.26 3.26
Q3 3.49 3.49
Q4 2.05 2.05
1893 Q1 1.18 1.18
Q2 -0.10 -0.10
Q3 -2.24 -2.24
Q4 -0.81 -0.81
1894 Q1 0.36 0.36
Q2 3.82 3.82
Q3 7.92 7.92
Q4 3.76 3.76
1895 Q1 5.80 5.80
Q2 1.39 1.39
Q3 7.10 7.10
Q4 12.65 12.65
1896 Q1 9.83 9.83
Q2 7.53 7.53
Q3 -2.21 -2.21
Q4 -3.46 -3.46
1897 Q1 -4.12 -4.12
Q2 -1.03 -1.03
Q3 -1.43 -1.43
Q4 -0.14 -0.14
1898 Q1 -1.88 -1.88
Q2 0.13 0.13
Q3 0.35 0.35
Q4 -0.29 -0.29
1899 Q1 5.46 5.46
Q2 1.86 1.86
Q3 9.66 9.66
Q4 10.26 10.26
1900 Q1 7.47 7.47
Q2 5.91 5.91
Q3 -0.04 -0.04
Q4 -3.21 -3.21
1901 Q1 -0.56 -0.56
Q2 3.07 3.07
Q3 3.70 3.70
Q4 3.22 3.22
1902 Q1 1.32 1.32
Q2 1.01 1.01
Q3 -0.19 -0.19
Q4 7.63 7.63
1903 Q1 -0.80 -0.80
Q2 -1.02 -1.02
Q3 0.61 0.61
Q4 -3.93 -3.93
1904 Q1 0.53 0.53
Q2 -2.34 -2.34
Q3 -2.96 -2.96
Q4 -3.01 -3.01
1905 Q1 -2.39 -2.39
Q2 -0.22 -0.22
Q3 0.75 0.75
Q4 0.56 0.56
1906 Q1 3.39 3.39
Q2 3.48 3.48
Q3 1.33 1.33
Q4 2.21 2.21
1907 Q1 2.35 2.35
Q2 3.53 3.53
Q3 6.71 6.71
Q4 1.95 1.95
1908 Q1 0.72 0.72
Q2 -1.73 -1.73
Q3 -4.24 -4.24
Q4 5.54 5.54
1909 Q1 2.67 2.67
Q2 8.01 8.01
Q3 2.76 2.76
Q4 1.25 1.25
1910 Q1 -0.20 -0.20
Q2 1.13 1.13
Q3 4.31 4.31
Q4 -1.61 -1.61
1911 Q1 3.01 3.01
Q2 -0.34 -0.34
Q3 2.42 2.42
Q4 4.15 4.15
1912 Q1 2.72 2.72
Q2 1.11 1.11
Q3 1.57 1.57
Q4 -0.60 -0.60
1913 Q1 4.34 4.34
Q2 3.89 3.89
Q3 3.81 3.81
Q4 14.34 14.34
1914 Q1 0.91 0.91
Q2 1.56 1.56
Q3 48.49 48.49
Q4 35.79 35.79
1915 Q1 38.24 38.24
Q2 47.44 47.44
Q3 -8.21 -8.21
Q4 -2.30 -2.30
1916 Q1 12.90 12.90
Q2 12.06 12.06
Q3 21.45 21.45
Q4 16.83 16.83
1917 Q1 8.32 8.32
Q2 3.76 3.76
Q3 10.77 10.77
Q4 12.27 12.27
1918 Q1 23.41 23.41
Q2 25.88 25.88
Q3 28.24 28.24
Q4 32.40 32.40
1919 Q1 23.66 23.66
Q2 20.64 20.64
Q3 12.88 12.88
Q4 18.21 18.21
1920 Q1 3.55 3.55
Q2 14.64 14.64
Q3 3.82 3.82
Q4 -1.68 -1.68
1921 Q1 0.46 0.46
Q2 -12.65 -12.65
Q3 -7.63 -7.63
Q4 -15.97 -15.97
1922 Q1 -6.72 -6.72
Q2 -7.36 -7.36
Q3 -5.45 -5.45
Q4 -4.38 -4.38
1923 Q1 -6.82 -6.82
Q2 -4.81 -4.81
Q3 -3.01 -3.01
Q4 0.73 0.73
1924 Q1 0.21 0.21
Q2 2.45 2.45
Q3 0.45 0.45
Q4 0.70 0.70
1925 Q1 0.75 0.75
Q2 0.61 0.61
Q3 2.05 2.05
Q4 -1.28 -1.28
1926 Q1 -1.46 -1.46
Q2 -1.48 -1.48
Q3 -2.38 -2.38
Q4 0.09 0.09
1927 Q1 0.36 0.36
Q2 -1.09 -1.09
Q3 0.02 0.02
Q4 0.62 0.62
1928 Q1 1.44 1.44
Q2 1.52 1.52
Q3 3.74 3.74
Q4 1.27 1.27
1929 Q1 1.07 1.07
Q2 0.18 0.18
Q3 -5.26 -5.26
Q4 -2.90 -2.90
1930 Q1 -1.00 -1.00
Q2 -2.29 -2.29
Q3 3.21 3.21
Q4 3.11 3.11
1931 Q1 -2.27 -2.27
Q2 2.99 2.99
Q3 -2.24 -2.24
Q4 -1.88 -1.88
1932 Q1 -0.40 -0.40
Q2 -1.64 -1.64
Q3 4.04 4.04
Q4 -2.02 -2.02
1933 Q1 11.59 11.59
Q2 10.66 10.66
Q3 9.01 9.01
Q4 14.63 14.63
1934 Q1 3.15 3.15
Q2 0.22 0.22
Q3 -0.39 -0.39
Q4 -0.24 -0.24
1935 Q1 0.48 0.48
Q2 1.51 1.51
Q3 -0.61 -0.61
Q4 0.01 0.01
1936 Q1 0.08 0.08
Q2 2.21 2.21
Q3 9.20 9.20
Q4 8.77 8.77
1937 Q1 7.09 7.09
Q2 10.74 10.74
Q3 4.43 4.43
Q4 5.42 5.42
1938 Q1 6.96 6.96
Q2 1.49 1.49
Q3 -0.77 -0.77
Q4 0.29 0.29
1939 Q1 -2.02 -2.02
Q2 -1.47 -1.47
Q3 8.80 8.80
Q4 5.34 5.34
1940 Q1 8.55 8.55
Q2 13.37 13.37
Q3 8.72 8.72
Q4 9.56 9.56
1941 Q1 10.35 10.35
Q2 11.52 11.52
Q3 15.63 15.63
Q4 27.52 27.52
1942 Q1 22.78 22.78
Q2 19.88 19.88
Q3 16.79 16.79
Q4 16.27 16.27
1943 Q1 15.75 15.75
Q2 26.34 26.34
Q3 15.05 15.05
Q4 12.91 12.91
1944 Q1 20.42 20.42
Q2 9.80 9.80
Q3 19.94 19.94
Q4 12.78 12.78
1945 Q1 9.53 9.53
Q2 12.28 12.28
Q3 12.59 12.59
Q4 12.01 12.01
1946 Q1 11.73 11.73
Q2 8.13 8.13
Q3 4.95 4.95
Q4 6.05 6.05
1947 Q1 6.43 6.43
Q2 3.87 3.87
Q3 2.37 2.37
Q4 -0.72 -0.72
1948 Q1 -7.55 -7.55
Q2 -6.88 -6.88
Q3 -6.07 -6.07
Q4 -7.00 -7.00
1949 Q1 0.75 0.75
Q2 0.25 0.25
Q3 2.45 2.45
Q4 2.78 2.78
1950 Q1 0.03 0.03
Q2 -0.82 -0.82
Q3 -0.46 -0.46
Q4 5.91 5.91
1951 Q1 3.11 3.11
Q2 5.74 5.74
Q3 2.93 2.93
Q4 -1.06 -1.06
1952 Q1 2.56 2.56
Q2 2.08 2.08
Q3 5.07 5.07
Q4 4.69 4.69
1953 Q1 4.61 4.61
Q2 6.27 6.27
Q3 4.12 4.12
Q4 6.32 6.32
1954 Q1 7.43 7.43
Q2 4.79 4.79
Q3 4.93 4.93
Q4 5.37 5.37
1955 Q1 4.29 4.29
Q2 5.65 5.65
Q3 5.31 5.31
Q4 2.57 2.57
1956 Q1 5.87 5.87
Q2 2.83 2.83
Q3 4.30 4.30
Q4 4.69 4.69
1957 Q1 1.25 1.25
Q2 3.66 3.66
Q3 3.88 3.88
Q4 5.37 5.37
1958 Q1 3.55 3.55
Q2 2.37 2.37
Q3 2.33 2.33
Q4 2.31 2.31
1959 Q1 3.14 3.14
Q2 5.50 5.50
Q3 4.25 4.25
Q4 3.32 3.32
1960 Q1 4.73 4.73
Q2 4.98 4.98
Q3 5.11 5.11
Q4 5.14 5.14
1961 Q1 4.23 4.23
Q2 3.24 3.24
Q3 3.30 3.30
Q4 3.33 3.33
1962 Q1 4.52 4.52
Q2 1.34 1.34
Q3 0.29 0.29
Q4 0.37 0.37
1963 Q1 -1.22 -1.22
Q2 2.55 2.55
Q3 3.92 3.92
Q4 4.31 4.31
1964 Q1 5.27 5.27
Q2 5.56 5.56
Q3 5.78 5.78
Q4 7.62 7.62
1965 Q1 7.58 7.58
Q2 7.36 7.36
Q3 6.85 6.85
Q4 4.53 4.53
1966 Q1 4.38 4.38
Q2 4.17 4.17
Q3 4.37 4.37
Q4 3.33 3.33
1967 Q1 3.10 3.10
Q2 1.97 1.97
Q3 2.41 2.41
Q4 4.81 4.81
1968 Q1 5.17 5.17
Q2 6.27 6.27
Q3 6.12 6.12
Q4 3.63 3.63
1969 Q1 4.23 4.23
Q2 4.01 4.01
Q3 3.90 3.08
Q4 6.41 4.12
1970 Q1 6.15 3.07
Q2 6.79 3.36
Q3 8.49 5.66
Q4 7.00 5.77
1971 Q1 12.63 12.67
Q2 8.14 9.03
Q3 5.77 6.52
Q4 5.34 4.97
1972 Q1 0.62 -0.14
Q2 7.16 6.68
Q3 8.47 7.78
Q4 12.16 13.13
1973 Q1 13.12 13.97
Q2 11.48 11.29
Q3 11.09 11.93
Q4 9.65 10.18
1974 Q1 9.29 10.79
Q2 9.58 9.44
Q3 13.41 13.34
Q4 15.51 15.58
1975 Q1 15.61 15.04
Q2 16.72 17.34
Q3 13.45 13.58
Q4 11.23 11.16
1976 Q1 12.23 10.96
Q2 11.34 10.57
Q3 12.62 11.75
Q4 11.92 11.40
1977 Q1 10.75 10.63
Q2 12.22 12.04
Q3 9.88 9.95
Q4 13.71 12.84
1978 Q1 14.04 14.17
Q2 13.75 14.12
Q3 16.14 15.63
Q4 14.18 14.08
1979 Q1 14.94 13.74
Q2 12.81 12.38
Q3 11.76 12.91
Q4 11.49 11.73
1980 Q1 9.50 10.08
Q2 9.05 9.26
Q3 7.53 7.50
Q4 5.46 5.90
1981 Q1 5.48 6.95
Q2 5.14 5.65
Q3 5.41 5.46
Q4 5.38 5.48
1982 Q1 3.32 2.46
Q2 2.59 2.35
Q3 3.02 2.30
Q4 3.41 2.98
1983 Q1 5.74 5.22
Q2 7.10 6.18
Q3 6.63 5.79
Q4 6.45 5.63
1984 Q1 5.63 5.81
Q2 5.53 5.75
Q3 5.70 6.02
Q4 5.32 5.74
1985 Q1 5.95 5.51
Q2 4.92 5.02
Q3 4.02 3.70
Q4 3.72 3.97
1986 Q1 3.32 3.43
Q2 3.52 3.36
Q3 4.33 4.71
Q4 5.04 5.34
1987 Q1 4.19 4.43
Q2 4.65 4.22
Q3 4.85 4.74
Q4 5.22 4.73
1988 Q1 6.34 5.72
Q2 6.94 7.02
Q3 8.48 8.23
Q4 7.70 6.94
1989 Q1 6.62 6.32
Q2 6.08 5.96
Q3 4.74 4.54
Q4 5.87 6.24
1990 Q1 6.47 6.41
Q2 6.43 6.43
Q3 5.05 4.93
Q4 2.83 2.27
1991 Q1 2.48 2.50
Q2 2.19 2.02
Q3 2.41 2.32
Q4 2.88 3.44
1992 Q1 1.92 2.03
Q2 1.75 1.64
Q3 2.29 2.23
Q4 3.63 3.32
1993 Q1 4.98 4.81
Q2 4.82 4.62
Q3 5.39 5.47
Q4 5.42 5.62
1994 Q1 5.91 5.62
Q2 6.68 6.74
Q3 6.54 6.71
Q4 6.41 5.99
1995 Q1 6.05 7.12
Q2 5.93 5.77
Q3 5.69 5.49
Q4 5.57 5.85
1996 Q1 6.44 5.66
Q2 7.01 7.39
Q3 7.71 7.37
Q4 6.86 6.60
1997 Q1 6.28 6.28
Q2 6.31 6.40
Q3 5.77 6.00
Q4 6.57 6.49
1998 Q1 6.41 6.46
Q2 5.65 5.54
Q3 6.05 6.06
Q4 5.81 6.21
1999 Q1 5.71 5.60
Q2 7.23 7.36
Q3 7.04 7.26
Q4 11.74 11.45
2000 Q1 8.57 8.43
Q2 7.56 7.65
Q3 8.44 8.20
Q4 4.67 4.57
2001 Q1 8.29 8.34
Q2 6.93 6.60
Q3 6.88 6.51
Q4 8.17 7.64
2002 Q1 7.79 7.34
Q2 9.52 10.09
Q3 8.03 8.05
Q4 6.28 6.39
2003 Q1 6.71 6.58
Q2 6.72 6.18
Q3 7.79 7.76
Q4 7.63 7.42
2004 Q1 6.90 7.07
Q2 6.33 6.44
Q3 5.81 5.80
Q4 5.85 5.71
2005 Q1 5.04 5.11
Q2 3.98 3.76
Q3 3.90 5.42
Q4 3.41 4.70
2006 Q1 4.92 6.72
Q2 5.52 56.33
Q3 5.16 45.63
Q4 5.11 49.40
2007 Q1 3.91 40.66
Q2 4.70 -3.02
Q3 5.50 13.26
Q4 5.97 9.68
2008 Q1 6.63 17.29
Q2 5.62 19.99
Q3 5.12 19.39
Q4 7.23 31.33
2009 Q1 8.47 25.63
Q2 8.65 129.59
Q3 8.55 121.32
Q4 6.88 111.49
2010 Q1 5.46 121.25
Q2 5.75 15.29
Q3 4.83 5.01
Q4 3.91 -1.84
2011 Q1 3.89 -7.03
Q2 4.01 -8.96
Q3 5.31 -8.23
Q4 5.31 13.66
2012 Q1 5.64 36.17
Q2 5.16 54.35
Q3 4.80 75.87
Q4 4.30 50.88
2013 Q1 4.53 29.99
Q2 4.74 22.18
Q3 4.51 10.95
Q4 4.84 7.73
Sources: Capie and Webber (1985), Mitchell (1988), ONS, Sefton and Weale (1995), Solomou and Weale (1991), Ba
adjusted and break-adjusted where possible. Historical data seasonally-adjusted using X12.
(a) 1969Q2 to 2013Q4 - Notes and coin in circulation. 1870Q1 to 1969Q2 - M0 from Capie and Webber (1985).
(b) 1977Q1 to 2013Q4 - Notes and coin held by the non-bank and building society private sector plus non-interest be
building societies. 1963Q1 to 1977Q1 - Historical M1 data from Bank of England Quarterly Bulletins. 1921Q4 to 19
(c) Notes and coin held by the non-bank and building society private sector plus total sight deposits. Prior to 1998Q4
(d) Notes and coin and retail deposits held by the non-bank and building society private sector.
Sources: Capie and Webber (1985), Mitchell (1988), ONS, Sefton and Weale (1995), Solomou and Weale (1991), Ba
adjusted and break-adjusted where possible. Historical data seasonally-adjusted using X12.
(b) 1977Q1 to 2013Q4 - Notes and coin held by the non-bank and building society private sector plus non-interest be
building societies. 1963Q1 to 1977Q1 - Historical M1 data from Bank of England Quarterly Bulletins. 1921Q4 to 19
(c) Notes and coin held by the non-bank and building society private sector plus total sight deposits. Prior to 1998Q4
(e) 1997Q4 to 2013Q4 - M4 excluding intermediate OFCs. 1963Q1 to 1997Q4 - M4. 1870Q2 to 1963Q1 - M3 from
(f) Composite estimate of nominal GDP at market prices. See appendix of Hills, Thomas and Dimsdale (2010) for de
NIB M1 (b) MZM (c) M2 (d)
Non-MFI holdings of notes and

coin + non-interest bearing sight Non-MFI holdings of notes and
deposits, projected back with coin + sight deposits, projected
BEQB and Capie and Webber(1985) back with BEQB and Capie and
M1 data Webber(1985) M1 data M2 = Retail M4
-4.94 -4.94
-7.30 -7.30
-2.66 -2.66
-2.55 -2.55
-1.72 -1.72
-1.12 -1.12
-0.08 -0.08
-0.18 -0.18
-1.21 -1.21
-1.08 -1.08
-3.52 -3.52
-2.61 -2.61
-1.97 -1.97
-2.29 -2.29
0.20 0.20
-1.36 -1.36
-1.05 -1.05
-0.76 -0.76
0.32 0.32
1.87 1.87
1.29 1.29
1.58 1.58
0.22 0.22
-0.58 -0.58
2.59 2.59
0.55 0.55
-1.11 -1.11
-1.32 -1.32
-5.83 -5.83
-5.06 -5.06
-1.34 -1.34
0.08 0.08
3.71 3.71
2.38 2.38
2.94 2.94
-2.98 -2.98
-7.20 -7.20
-6.14 -6.14
-7.63 -7.63
2.47 2.47
7.09 7.09
12.61 12.61
13.35 13.35
7.82 7.82
5.67 5.67
-0.85 -0.85
-2.26 -2.26
-1.87 -1.87
2.84 2.84
7.77 7.77
9.94 9.94
10.81 10.81
7.84 7.84
8.11 8.11
9.17 9.17
10.00 10.00
9.16 9.16
6.88 6.88
5.43 5.43
3.44 3.44
2.24 2.24
3.69 3.69
0.53 0.53
-0.45 -0.45
-1.67 -1.67
-2.45 -2.45
0.60 0.60
3.80 3.80
9.24 9.24
11.11 11.11
14.47 14.47
19.10 19.10
20.94 20.94
23.29 23.29
24.18 24.18
23.13 23.13
24.45 24.45
18.24 18.24
17.35 17.35
14.76 14.76
14.62 14.62
18.69 18.69
14.67 14.67
15.31 15.31
13.70 13.70
15.28 15.28
16.09 16.09
14.65 14.65
12.04 12.04
11.32 11.32
14.59 14.59
15.79 15.79
8.60 8.60
7.91 7.91
7.03 7.03
6.81 6.81
15.23 15.23
14.16 14.16
8.32 8.32
4.42 4.42
1.29 1.29
-1.40 -1.40
1.02 1.02
1.41 1.41
2.29 2.29
2.91 2.91
2.56 2.56
2.56 2.56
-0.63 -0.63
-0.20 -0.20
-0.64 -0.64
-0.17 -0.17
3.70 3.70
3.56 3.56
3.04 3.04
1.97 1.97
-0.32 -0.32
-0.98 -0.98
-3.26 -3.26
-1.84 -1.84
-0.66 -0.66
0.65 0.65
3.38 3.38
2.74 2.74
2.67 2.67
2.68 2.68
3.90 3.90
4.60 4.60
4.43 4.43
3.11 3.11
1.49 1.49
-0.80 -0.80
-1.82 -1.82
-2.18 -2.18
-2.05 -2.05
-0.61 -0.61
0.42 0.42
1.12 1.12
2.26 2.26
1.83 1.83
-0.09 -0.09
-2.51 -2.51
-4.02 -4.02
-2.68 -2.68
2.74 2.74
5.05 5.05
5.53 5.53
7.07 7.07
5.29 5.29
5.29 5.29
5.00 5.00
1.87 1.87
-1.04 -1.04
-0.09 -0.09
1.60 1.60
0.30 0.30
-0.11 -0.11
-0.32 -0.32
-1.57 -1.57
0.48 0.48
2.62 2.62
3.57 3.57
5.97 5.97
6.48 6.48
8.12 8.12
7.06 7.06
5.44 5.44
6.12 6.12
3.20 3.20
2.94 2.94
3.41 3.41
2.26 2.26
3.81 3.81
5.52 5.52
3.70 3.70
3.40 3.40
-0.20 -0.20
0.18 0.18
2.28 2.28
5.43 5.43
8.32 8.32
6.59 6.59
6.69 6.69
3.86 3.86
3.85 3.85
1.68 1.68
-2.11 -2.11
-1.59 -1.59
0.21 0.21
2.09 2.09
7.94 7.94
8.82 8.82
9.31 9.31
14.02 14.02
10.78 10.78
13.20 13.20
15.14 15.14
15.25 15.25
18.58 18.58
16.18 16.18
13.77 13.77
9.84 9.84
12.31 12.31
7.79 7.79
5.33 5.33
3.44 3.44
0.17 0.17
4.57 4.57
11.07 11.07
15.19 15.19
15.41 15.41
18.14 18.14
13.39 13.39
15.03 15.03
15.34 15.34
14.37 14.37
11.53 11.53
9.72 9.72
10.91 11.74
12.63 15.70
20.56 21.99
23.18 24.72
21.26 21.84
20.36 18.46
15.46 16.33
12.66 13.19
11.98 12.21
9.82 11.04
9.07 9.10
5.02 5.81
4.44 6.28
2.39 2.80
3.94 4.42
8.20 8.20
9.70 9.83
8.97 11.99
5.92 11.62
2.65 9.13
1.82 7.67
5.11 9.24
7.64 11.79
12.13 14.97
9.97 15.19
8.21 12.86 11.52
9.10 11.29 11.72
6.99 12.47 11.13
9.60 14.31 11.56
8.58 16.38 11.46
7.78 15.98 12.82
5.89 15.05 12.36
1.77 14.91 11.97
3.10 16.95 13.37
2.85 19.01 12.23
4.10 19.58 13.11
9.86 21.58 13.98
16.70 24.70 13.91
13.75 23.39 13.07
14.15 25.38 11.89
14.60 24.83 12.07
7.68 22.10 10.57
9.30 23.01 10.97
15.16 21.20 12.99
13.08 19.82 13.55
13.22 17.92 16.02
11.32 14.21 16.14
1.73 13.80 14.74
-3.82 13.36 13.23
-5.36 14.95 12.41
-4.49 17.26 12.24
-3.36 13.56 11.75
-0.80 12.99 11.94
-3.30 8.62 10.86
-5.23 6.94 10.60
-5.07 5.76 10.89
-4.58 4.86 10.27
-3.13 4.78 9.74
-2.21 3.85 8.29
-1.34 4.31 7.11
-1.03 2.36 5.67
2.04 2.24 4.62
5.40 3.57 5.12
3.36 3.14 4.77
6.35 4.32 5.46
5.26 4.95 5.68
6.20 6.40 5.01
13.21 9.51 5.75
8.16 7.18 4.43
8.16 6.77 4.36
3.78 3.17 4.50
-0.40 4.79 3.98
2.37 5.46 5.60
2.84 9.02 6.42
5.91 11.99 6.44
9.52 9.10 6.74
10.79 11.43 6.10
8.55 8.66 5.49
7.28 7.38 5.66
3.19 8.32 6.29
4.30 10.99 7.56
8.80 10.88 7.13
11.62 11.77 7.62
11.78 11.45 6.46
7.02 9.63 5.54
4.10 9.73 6.05
2.04 8.07 6.31
4.06 8.47 6.15
5.52 7.04 6.74
9.45 7.57 6.94
12.03 8.81 8.04
8.83 8.63 7.18
10.76 9.73 6.63
10.30 9.90 7.41
7.97 10.63 6.93
9.92 11.67 8.54
14.50 11.64 10.11
10.60 11.60 9.71
9.86 11.08 8.90
10.65 8.90 9.50
3.61 9.29 8.28
6.16 8.98 8.19
-4.77 9.20 8.34
-6.68 10.76 8.12
-5.24 10.04 8.66
-4.08 10.37 9.46
9.78 10.65 10.32
10.66 10.21 9.73
13.84 11.80 9.80
6.20 11.92 9.79
1.54 11.98 8.85
3.56 11.84 9.46
1.41 11.20 9.40
5.12 11.34 9.35
9.48 12.93 9.32
7.41 11.94 9.58
2.24 9.63 8.70
2.72 9.27 7.85
5.38 9.47 7.88
2.01 8.17 7.10
9.27 11.53 7.57
5.71 10.89 7.13
3.74 6.81 6.51
3.78 6.73 6.72
1.01 2.50 6.19
10.88 -0.29 5.44
2.81 -1.85 4.66
26.77 -0.26 3.70
25.51 -0.89 3.47
19.49 3.37 4.72
37.39 7.62 5.87
18.34 6.37 6.55
22.02 7.55 5.60
18.94 3.69 4.47
9.16 0.41 3.44
7.25 0.08 2.34
4.92 -0.72 2.75
7.53 0.19 3.00
5.69 -0.27 3.13
8.49 0.25 3.74
8.36 1.69 3.88
8.90 2.77 4.71
13.55 6.84 5.08
9.28 8.01 5.50
11.25 10.00 6.13
12.79 11.54 5.45
9.68 10.31 5.36
on and Weale (1995), Solomou and Weale (1991), Bank of England and Bank calculations. All series seasonally-
asonally-adjusted using X12.
to 1969Q2 - M0 from Capie and Webber (1985).
nd building society private sector plus non-interest bearing deposits. Prior to 2008Q1, excludes deposits with
Bank of England Quarterly Bulletins. 1921Q4 to 1963Q1 - Capie and Webber (1985).
vate sector plus total sight deposits. Prior to 1998Q4 excludes deposits with building societies.
building society private sector.
on and Weale (1995), Solomou and Weale (1991), Bank of England and Bank calculations. All series seasonally-
asonally-adjusted using X12.
to 1969Q2 - M0 from Capie and Webber (1985).
nd building society private sector plus non-interest bearing deposits. Prior to 2008Q1, excludes deposits with
Bank of England Quarterly Bulletins. 1921Q4 to 1963Q1 - Capie and Webber (1985).
vate sector plus total sight deposits. Prior to 1998Q4 excludes deposits with building societies.
building society private sector.
3Q1 to 1997Q4 - M4. 1870Q2 to 1963Q1 - M3 from Capie and Webber (1985).
ppendix of Hills, Thomas and Dimsdale (2010) for details.
M3/M4/M4ex (e) Aggregate Divisia Household Divisia PNFCs' Divisia
Broad money from 1870 to

present. Combines Capie and
Webber M3 data 1870-1963,
break-adjusted M4 data 1963-
1997Q4 and break-adjusted
M4xIOFCs data from 1997Q4
onwards.
7.24
8.76
10.22
10.54
10.86
7.17
3.75
0.81
-2.00
-1.01
-0.01
1.77
3.64
3.47
3.26
3.53
3.79
3.43
3.01
1.12
-0.82
-0.26
0.29
-1.37
-3.11
-4.28
-5.36
-3.55
-1.56
-3.38
-5.09
-5.32
-5.45
-2.38
0.87
0.45
0.10
-0.19
-0.40
1.65
3.82
3.66
3.58
3.16
2.75
2.59
2.52
1.52
0.55
-0.08
-0.63
0.68
2.07
1.30
0.58
0.45
0.39
1.22
2.09
0.89
-0.26
0.10
0.47
1.25
2.03
1.69
1.33
1.75
2.15
3.11
4.04
3.96
3.87
3.48
3.08
3.51
3.94
3.88
3.79
3.38
2.96
3.09
3.21
2.92
2.66
1.79
0.96
-0.01
-0.92
-1.22
-1.48
-0.46
0.63
2.31
4.01
4.88
5.75
6.08
6.39
5.98
5.54
5.07
4.60
4.35
4.09
3.43
2.76
2.19
1.65
1.52
1.38
3.25
5.19
5.03
4.86
2.89
1.04
1.38
1.72
0.78
-0.16
-0.81
-1.43
-0.12
1.19
2.02
2.85
0.73
-1.47
-2.49
-3.45
-2.49
-1.52
-0.87
-0.20
0.82
1.83
2.07
2.33
2.42
2.51
2.90
3.27
3.68
4.09
2.31
0.55
-0.17
-0.87
1.03
2.92
3.13
3.34
2.33
1.31
2.38
3.46
3.14
2.80
1.76
0.74
1.51
2.34
2.68
3.03
2.93
3.01
3.15
3.26
4.53
6.00
5.77
5.60
10.84
14.44
18.09
21.13
13.99
7.77
8.24
8.71
11.96
15.18
12.63
10.11
13.70
17.04
19.25
21.28
23.43
25.28
25.17
24.86
19.81
15.39
14.97
14.30
10.10
5.83
2.23
-1.88
-2.50
-3.80
-4.52
-6.89
-10.76
-10.22
-11.69
-7.17
-4.04
-2.34
-0.29
-0.27
-0.47
-0.83
-0.39
-1.88
-0.30
-0.88
-1.42
-0.10
-0.45
0.61
1.66
1.40
1.48
1.68
1.18
1.39
2.00
2.73
3.28
1.86
1.49
-1.26
-2.41
0.81
0.74
3.33
2.70
-0.90
-3.10
-4.63
-2.82
0.03
7.55
10.36
12.11
10.34
4.73
0.53
-3.24
-3.20
-3.62
1.66
4.98
5.95
7.74
5.58
5.64
7.41
7.92
7.18
6.65
4.12
2.53
1.94
1.62
0.70
-0.28
-2.54
-3.49
-1.95
0.42
5.97
7.76
9.08
11.76
11.18
14.36
15.19
17.07
19.61
12.62
13.63
11.14
11.20
16.79
15.13
13.20
12.62
13.95
12.93
14.77
12.69
11.59
14.72
14.97
9.64
7.32
6.69
6.58
14.24
16.12
11.04
8.04
3.28
1.37
2.43
1.67
1.98
0.08
1.23
1.26
0.04
-0.30
-0.55
0.04
2.87
4.07
2.63
1.50
-1.28
-1.42
-1.03
0.52
1.89
2.71
3.35
3.37
3.92
3.94
4.61
4.14
3.85
2.84
0.39
-1.29
-2.87
-3.04
-1.58
0.09
1.43
2.02
2.57
2.40
3.57
2.95
2.95
2.82
3.71
3.39
2.85
5.47
4.66
5.45
4.67
2.39
0.98
2.12
4.20
3.11
2.42
2.92
1.02
2.03
3.04
2.59
5.12
6.39
8.83
9.05
8.77
9.26
7.72
7.64
7.74
7.91
9.48
11.19
9.68
8.84
6.51
5.94
8.18
10.40
12.34
11.92
11.53
9.04
8.52
7.83
5.03
5.26
5.10
5.05
8.88
10.72
11.97
14.52
13.84
14.20
16.34
17.93
21.37
21.82
21.72
21.74
20.73
22.93
22.25
19.44
15.62
11.07
10.93
11.41
12.91
14.83
12.07
12.36
12.35
12.49
11.91
10.15
10.86
10.88
14.87
18.76 15.55 14.38 18.00
17.37 15.60 14.96 13.79
16.61 16.02 15.68 19.38
15.16 15.18 15.24 11.40
12.87 14.20 14.84 6.40
13.97 14.14 14.64 7.70
14.61 13.95 14.93 3.47
14.48 13.98 14.93 3.53
13.97 12.27 13.60 -5.25
15.13 12.31 13.43 -5.73
15.67 10.77 11.68 -3.74
17.26 11.65 12.78 -1.90
17.29 12.91 13.07 14.32
16.90 12.79 12.70 21.73
16.51 12.75 12.33 19.32
14.04 10.73 10.53 15.25
13.79 9.30 9.60 3.41
11.97 8.99 9.54 -3.59
11.54 9.91 10.47 0.83
12.57 10.86 11.47 -6.16
13.40 13.78 14.96 -16.81
14.03 12.40 12.91 -1.26
13.07 11.01 11.96 -14.34
13.16 10.59 9.09 32.36
12.33 8.24 6.22 45.07
12.98 9.84 8.71 18.68
13.46 9.79 8.13 34.68
13.63 10.34 10.44 0.69
13.81 10.17 10.81 2.92
13.33 8.54 9.46 1.41
14.69 9.29 10.16 2.67
14.73 9.20 10.16 2.34
16.88 10.45 11.69 -2.44
17.61 13.15 14.04 3.23
16.72 17.26 13.17 67.13
15.77 16.01 12.44 59.52
14.93 15.35 10.53 75.74
14.76 15.58 10.62 82.71
15.39 11.60 11.77 11.63
16.69 12.89 13.21 9.48
16.94 16.62 14.33 47.94
16.70 15.85 12.93 50.30
18.19 18.15 15.80 41.20
17.12 16.93 13.82 45.16
17.22 12.41 12.04 8.22
17.81 10.48 10.91 -2.82
16.73 9.93 9.97 -2.10
18.14 11.08 11.35 -4.53
17.59 10.95 11.33 -5.60
16.93 11.44 11.32 -1.46
14.53 8.11 7.96 0.17
11.98 6.15 6.36 -6.59
9.44 5.00 5.53 -9.68
7.49 3.95 4.76 -9.35
6.52 3.93 4.55 -8.79
5.97 3.40 3.66 -3.23
5.61 3.78 3.84 -2.18
4.99 3.12 3.09 -2.64
4.82 2.86 2.27 6.57
3.48 3.38 2.91 11.56
3.23 1.85 1.62 12.13
2.87 2.43 2.17 13.07
3.08 2.41 2.73 5.35
4.45 2.48 2.24 15.47
5.39 4.11 3.39 26.34
5.26 2.74 2.00 26.08
4.93 2.92 2.10 28.03
4.66 2.12 1.82 11.81
5.29 2.87 2.52 4.17
6.77 4.38 4.27 3.32
8.35 5.69 5.64 -1.11
9.84 6.84 6.38 5.67
9.68 8.39 8.18 10.60
9.83 8.71 8.44 13.15
10.22 7.48 7.01 15.64
9.51 7.30 6.85 18.65
11.54 6.69 6.61 5.51
11.81 7.97 7.04 4.62
11.74 9.00 8.37 1.47
11.75 10.28 9.50 -1.29
9.81 8.76 6.97 8.29
9.88 8.18 7.06 6.44
9.99 7.62 6.70 10.59
9.05 6.54 6.74 4.11
7.50 6.47 6.81 6.88
5.76 6.87 7.78 7.16
2.87 6.85 7.01 7.08
3.90 7.38 6.93 13.19
5.36 6.25 5.84 7.78
6.61 5.27 4.21 9.85
8.31 6.19 5.30 13.86
7.88 5.91 4.65 10.95
7.55 7.99 7.26 12.58
7.31 9.17 8.22 16.98
7.86 8.91 8.26 13.17
6.38 9.26 9.28 11.35
5.68 8.70 9.00 10.37
5.65 8.28 9.14 4.07
5.70 8.51 9.25 6.13
6.85 7.59 8.69 2.49
6.65 8.19 9.30 1.34
7.30 7.88 8.87 0.58
5.99 8.14 8.85 2.03
6.51 9.84 9.75 7.16
6.52 9.36 8.90 10.12
5.85 10.25 9.16 15.30
6.86 9.41 9.08 10.36
7.24 8.17 7.98 10.27
8.87 8.40 8.22 6.41
9.43 8.01 8.12 3.06
9.47 8.15 7.72 4.80
9.80 9.14 7.92 5.16
9.74 8.52 7.49 9.88
10.26 7.10 6.94 11.53
11.46 7.55 7.57 10.22
10.03 7.96 6.98 10.62
10.24 7.42 7.08 7.59
10.28 9.20 7.58 7.23
10.12 8.20 6.68 5.62
10.57 7.33 8.24 4.94
8.33 6.97 7.59 2.79
6.58 4.40 5.82 2.49
4.27 4.45 4.32 0.70
3.76 0.69 -0.57 -1.64
4.42 3.22 0.85 1.92
3.12 3.14 1.07 3.94
1.83 3.61 2.33 12.99
1.80 7.51 5.62 19.08
0.95 5.55 4.42 16.25
1.21 5.85 4.07 11.52
2.04 4.26 3.23 6.86
2.38 2.31 2.24 3.86
1.63 1.71 1.78 5.00
1.74 0.82 0.73 7.89
2.44 1.44 1.21 8.65
1.13 1.25 1.80 6.36
2.78 1.89 2.52 5.59
3.29 3.21 3.87 5.48
4.09 4.01 4.53 6.07
5.13 6.70 5.96 8.27
4.68 7.37 6.18 9.78
5.09 8.99 8.30 12.86
4.14 10.02 9.22 11.74
3.70 8.98 8.64 15.20
Nominal GDP (f)
Interpolated
annual data
before 1955 Zero line for chart
0
0
0
0
8.17 0
8.55 0
8.29 0
7.38 0
7.71 0
5.71 0
5.42 0
5.67 0
4.74 0
6.13 0
5.27 0
3.30 0
1.41 0
-0.42 0
-1.46 0
-1.70 0
-1.95 0
-2.19 0
-2.24 0
-2.07 0
-0.82 0
-1.74 0
-1.50 0
-1.19 0
-1.96 0
-0.56 0
-0.65 0
-1.18 0
-1.70 0
-2.22 0
-2.87 0
-3.68 0
-4.48 0
-5.29 0
-3.96 0
-0.26 0
4.68 0
7.41 0
8.33 0
6.08 0
2.79 0
1.90 0
1.29 0
2.12 0
2.94 0
3.75 0
3.68 0
2.67 0
1.69 0
0.73 0
-0.31 0
-1.44 0
-1.49 0
-3.70 0
-4.00 0
-3.42 0
-3.90 0
-2.23 0
-1.64 0
-1.05 0
-0.47 0
0.11 0
1.00 0
2.19 0
3.37 0
4.54 0
4.90 0
4.41 0
5.10 0
3.49 0
3.73 0
4.69 0
4.46 0
6.53 0
6.36 0
5.09 0
3.87 0
2.70 0
1.90 0
1.48 0
1.07 0
0.66 0
-0.09 0
-1.21 0
-1.23 0
-3.41 0
-3.51 0
-2.53 0
-2.63 0
-0.54 0
0.85 0
2.66 0
4.44 0
6.22 0
6.43 0
5.00 0
3.64 0
2.32 0
1.85 0
2.24 0
3.77 0
3.01 0
3.14 0
3.02 0
1.76 0
2.76 0
3.10 0
3.90 0
4.69 0
5.46 0
5.93 0
6.06 0
6.19 0
6.31 0
6.16 0
5.73 0
5.31 0
4.91 0
4.05 0
2.71 0
1.42 0
0.17 0
-0.25 0
0.21 0
0.66 0
1.11 0
0.95 0
0.14 0
-0.65 0
-1.44 0
-1.73 0
-1.47 0
-0.13 0
-0.97 0
-0.16 0
1.24 0
1.50 0
4.02 0
4.63 0
4.41 0
4.19 0
3.99 0
4.17 0
4.75 0
5.31 0
5.86 0
4.30 0
0.56 0
-1.96 0
-6.51 0
-6.88 0
-3.96 0
-2.02 0
2.21 0
3.94 0
4.07 0
4.20 0
4.32 0
4.35 0
4.26 0
4.18 0
4.11 0
4.04 0
3.99 0
5.10 0
3.91 0
4.13 0
4.61 0
3.93 0
5.54 0
4.59 0
2.21 0
-0.08 0
-2.29 0
0.06 0
7.35 0
14.68 0
22.10 0
24.05 0
20.36 0
18.43 0
14.27 0
14.88 0
18.76 0
21.01 0
25.72 0
26.48 0
24.81 0
23.34 0
22.04 0
18.86 0
13.95 0
9.55 0
5.57 0
5.46 0
9.15 0
14.02 0
16.30 0
12.10 0
0.61 0
-10.84 0
-19.45 0
-22.41 0
-18.59 0
-14.27 0
-9.32 0
-6.33 0
-6.09 0
-5.85 0
-5.59 0
-4.46 0
-2.34 0
0.93 0
2.03 0
3.48 0
4.06 0
3.47 0
5.16 0
3.85 0
0.64 0
-2.45 0
-5.45 0
-5.09 0
-1.08 0
3.03 0
7.26 0
7.95 0
4.80 0
2.96 0
-1.00 0
-1.68 0
-0.14 0
0.28 0
2.95 0
3.09 0
1.76 0
0.46 0
-0.81 0
-2.24 0
-3.87 0
-5.50 0
-7.12 0
-7.32 0
-5.92 0
-3.42 0
-3.00 0
-1.67 0
-0.58 0
-0.59 0
1.61 0
2.61 0
3.52 0
4.40 0
5.28 0
5.53 0
5.14 0
4.76 0
4.39 0
4.31 0
4.51 0
5.87 0
4.91 0
5.47 0
6.39 0
6.10 0
8.14 0
7.69 0
5.93 0
4.26 0
2.66 0
2.34 0
3.34 0
4.32 0
5.29 0
7.99 0
12.45 0
18.06 0
20.94 0
23.07 0
23.09 0
21.72 0
23.06 0
20.88 0
16.74 0
13.06 0
9.75 0
8.04 0
7.81 0
7.60 0
7.39 0
6.37 0
4.52 0
3.89 0
1.05 0
-0.23 0
-1.09 0
-3.01 0
-2.78 0
-2.84 0
-2.06 0
-1.28 0
-0.49 0
0.99 0
3.20 0
5.38 0
7.55 0
9.14 0
10.05 0
12.17 0
11.79 0
11.42 0
9.87 0
7.22 0
7.04 0
5.91 0
4.98 0
4.09 0
3.23 0
4.09 0
6.75 0
9.34 0
11.88 0
12.35 0
10.71 0
10.41 0
7.78 0
7.18 0
7.41 0
6.43 0
7.81 0
7.55 0
6.84 0
6.16 0
5.51 0
5.53 0
6.23 0
8.65 0
6.67 0
7.50 0
7.25 0
7.90 0
8.67 0
6.40 0
7.16 0
5.07 0
5.32 0
6.01 0
5.55 0
6.98 0
3.84 0
3.68 0
2.69 0
2.29 0
7.26 0
5.30 0
7.67 0
8.44 0
5.72 0
7.03 0
5.60 0
6.15 0
4.83 0
7.09 0
4.02 0
3.21 0
6.44 0
3.96 0
5.40 0
3.14 0
5.66 0
6.01 0
8.79 0
10.37 0
8.58 0
9.22 0
8.88 0
10.19 0
7.41 0
7.81 0
6.76 0
6.27 0
7.25 0
6.51 0
5.67 0
5.45 0
6.36 0
4.99 0
5.12 0
8.04 0
6.06 0
9.04 0
10.32 0
7.89 0
8.61 0
7.28 0
7.15 0
6.97 0
9.65 0
10.86 0
12.18 0
12.09 0
11.50 0
11.79 0
10.79 0
10.75 0
12.13 0
10.71 0
14.48 0
20.10 0
13.65 0
15.33 0
12.67 0
4.52 0
13.91 0
16.41 0
18.32 0
29.18 0
26.40 0
24.76 0
25.37 0
21.98 0
17.95 0
16.75 0
17.24 0
15.81 0
17.57 0
17.29 0
15.05 0
15.66 0
15.77 0
15.22 0
14.31 0
12.85 0
16.42 0
19.23 0
21.40 0
22.54 0
17.62 0
15.72 0
13.08 0
11.07 0
10.05 0
9.40 0
9.45 0
10.10 0
10.38 0
9.21 0
9.07 0
9.69 0
8.43 0
9.56 0
9.55 0
7.17 0
8.73 0
6.69 0
6.86 0
8.36 0
10.05 0
10.40 0
9.62 0
9.08 0
6.64 0
7.00 0
7.63 0
8.28 0
9.51 0
12.21 0
11.49 0
12.40 0
11.72 0
10.96 0
12.24 0
11.01 0
10.50 0
9.66 0
8.66 0
8.85 0
10.10 0
9.12 0
6.82 0
6.38 0
4.84 0
4.29 0
5.85 0
5.46 0
4.59 0
3.50 0
3.46 0
4.32 0
4.48 0
6.53 0
6.44 0
5.73 0
6.23 0
5.81 0
6.90 0
6.23 0
6.34 0
6.42 0
5.14 0
6.06 0
6.85 0
6.56 0
6.10 0
6.05 0
5.71 0
6.34 0
6.71 0
6.30 0
5.51 0
4.70 0
5.68 0
5.17 0
4.28 0
5.60 0
5.59 0
6.22 0
6.25 0
4.93 0
3.47 0
3.54 0
4.57 0
5.24 0
4.71 0
4.72 0
4.54 0
4.44 0
5.58 0
5.55 0
6.24 0
6.07 0
6.93 0
6.10 0
6.05 0
5.52 0
4.81 0
4.99 0
5.23 0
5.20 0
5.59 0
6.50 0
5.42 0
5.36 0
5.54 0
4.87 0
5.88 0
6.89 0
5.59 0
6.20 0
3.66 0
0.66 0
-0.77 0
-5.12 0
-4.66 0
-2.07 0
-0.31 0
4.44 0
5.35 0
5.17 0
4.31 0
3.66 0
3.32 0
3.65 0
3.18 0
2.57 0
1.70 0
1.01 0
2.60 0
2.20 0
3.22 0
3.83 0
4.43 0
Notes and coin (a) NIB M1 (b) MZM (c) M2 (d)
M3/M4/M4ex (e) Column M Nominal GDP (f) percenta
Sources: Capie and Webber (1985), Mitchell (1988), ONS, Sefton and Weale (1995), Solomou and Weale (1991), Bank of Engla
seasonally-adjusted and break-adjusted where possible. Historical data seasonally-adjusted using X12.
(b) 1977Q1 to 2013Q4 - Notes and coin held by the non-bank and building society private sector plus non-interest bearing depos
building societies. 1963Q1 to 1977Q1 - Historical M1 data from Bank of England Quarterly Bulletins. 1921Q4 to 1963Q1 - Cap
(c) Notes and coin held by the non-bank and building society private sector plus total sight deposits. Prior to 1998Q4 excludes d
(e) 1997Q4 to 2013Q4 - M4 excluding intermediate OFCs. 1963Q1 to 1997Q4 - M4. 1870Q2 to 1963Q1 - M3 from Capie and W
(f) Composite estimate of nominal GDP at market prices. See appendix of Hills, Thomas and Dimsdale (2010) for details.
M2 (d) Aggregate Divisia
percentage change on a year earlier
60.00
50.00
40.00
30.00
20.00
10.00
0.00
-10.00
-20.00
-30.00
and Weale (1991), Bank of England and Bank calculations. All series
sing X12.
Webber (1985).
r plus non-interest bearing deposits. Prior to 2008Q1, excludes deposits with
letins. 1921Q4 to 1963Q1 - Capie and Webber (1985).
osits. Prior to 1998Q4 excludes deposits with building societies.
o 1963Q1 - M3 from Capie and Webber (1985).

imsdale (2010) for details.

Money Creation in The Modern Economy Long Run Data Annex

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Money Creation in The Modern Economy Long Run Data Annex

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‘Money creation in the modern economy’- Long-run data annex

The references in the different worksheets refer to the following sources:

Monetary base - M0: Stock outstanding at

End- End- End-

Year end Year end Year end

Break-adjusted stocks Notes and coin + bankers'

Money market reforms,

Non-MFI holdings of notes and coin + Non-MFI holdings of notes and

Broad money from 1870 to present.

Notes and coin + bankers'

Non-MFI holdings of notes and

Broad money from 1870 to

M3/M4/M4ex (e) Column M Nominal GDP (f) percenta

percentage change on a year earlier

o 1963Q1 - M3 from Capie and Webber (1985).

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