The United Kingdom's broad money supply
The UK's measure of broad money: sterling deposits and short-term instruments held by households and firms.
M4 counts notes and coin plus sterling deposits at UK banks and building societies held by the private sector, along with short-dated bank paper. Its growth reflects bank lending, government financing and the Bank of England's asset purchases and sales together. It shrank outright in 2023, the first time in the series' history, as quantitative tightening and weak lending coincided.
Bank of England · credit impulse