October 2011 MA falls abruptly

In October 2011 our MA measure fell by 6.6% compared to the year before as the turmoil in the financial markets from the Euro crisis accelerated. This decrease is more accentuated than the 3.8% fall we calculated for September 2011. 

The Notes and Coins figure released by the Bank of England for October 2011 increased by 6.2% compared to the year before while M4 for the same period decreased by 2.9%.