We use necessary cookies to make our site work (for example, to manage your session). We’d also like to use some non-essential cookies (including third-party cookies) to help us improve the site. By clicking ‘Accept recommended settings’ on this banner, you accept our use of optional cookies.
Necessary cookies
Analytics cookies
Yes
Yes
Yes
No
Necessary cookies
Necessary cookies enable core functionality on our website such as security, network management, and accessibility. You may disable these by changing your browser settings, but this may affect how the website functions.
Analytics cookies
We use analytics cookies so we can keep track of the number of visitors to various parts of the site and understand how our website is used. For more information on how these cookies work please see our Cookie policy.
The background to monetary policy in the three months from mid-May to mid-August consisted of the targets for monetary growth announced by the Chancellor of the Exchequer in the Budget. These targets set a range for increases in sterling M3, PSL2 and M1, over the period from mid-February 1982 to mid-April 1983, of 8%-12% (annual rate).
Operation of monetary policy