Our September 2011 MA figure accelerated its decline when compared to the readjusted* value for August 2011. In September, MA fell by 3.7% compared to 3.5% the month before. This was somewhat expected given the turmoil in financial markets at the time.

Notes and Coins fell by 5.3% while M4 accelerated its decline from -0.8% in August to -1.6% in September.

*Note: As of November 2011, the Bank of England has readjusted some of the components we included in previous MA computations which naturally resulted in slight changes for some of our calculations.