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mpc: 12 There were contrasting signals from the monetary data. The annual growth rate of aggregate M4 had risen, by 1.2 percentage points, to 11.2% in September. The annual growth rate of aggregate M4 lending (excluding the effects of securitisations) had also risen, to 11.5% in September from 11.4% in August. But the twelve-month growth rate of notes and coin, adjusted for special factors, had eased by 0.2 percentage points, to 3.6% in October.

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