Overseas Earnings

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 12th December 1957.

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Photo of Sir Austen Albu Sir Austen Albu , Edmonton 12:00 am, 12th December 1957

asked the Chancellor of the Exchequer what estimates he has made of overseas earnings from the operation of banks, insurance companies, commodity markets and other commercial activities in this country other than direct exports and shipping.

Photo of Mr Nigel Birch Mr Nigel Birch , Flintshire West

Direct earnings net from overseas of all forms of banking, insurance, merchanting and brokerage in the United Kingdom in 1956 are estimated to have been in the region of £125 million.

Photo of Sir Austen Albu Sir Austen Albu , Edmonton

In view of the great interest in these figures from the point of view of economic policy and the very conflicting estimates made by different economists, will the Economic Secretary consider publishing these details in future balance of payments White Papers?

Photo of Mr Nigel Birch Mr Nigel Birch , Flintshire West

I will certainly consider the hon. Member's suggestion.

Photo of Mr Douglas Jay Mr Douglas Jay , Battersea North

Can the Economic Secretary say how much of that sum was insurance?

Photo of Mr Nigel Birch Mr Nigel Birch , Flintshire West

I cannot give a breakdown of the figures. If the right hon. Gentleman wants a breakdown, perhaps he will put down a Question.