As I explained in my answer, M3 is inflated by certain special factors, and the Ml figures have been reduced by the switching to which I referred. Neither measure of money supply by itself gives a good indication of the recent underlying trend. Obviously both should be taken into account, but together with other indicators, in assessing monetary conditions. I have a great deal of sympathy with my hon. Friend—I am not alone in this—in doubting these definitions and the conclusions which are often drawn from them.