Overseas Investment

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 29th November 1960.

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Photo of Mr Julian Ridsdale Mr Julian Ridsdale , Harwich 12:00 am, 29th November 1960

asked the Chancellor of the Exchequer how much of the £2,000 million he stated had been invested abroad between 1950 and 1959 represents short-term capital is so far as interest on it contributes to the balance of payments.

Photo of Mr Selwyn Lloyd Mr Selwyn Lloyd , Wirral

The figure of £2,000 million refers to net private long-term investment abroad. Earnings of interest, profits and dividends on all our investments abroad, both short and long-term, other than oil, are estimated at £358 million in 1959. The corresponding payments are estimated at £276 million.

Photo of Mr Julian Ridsdale Mr Julian Ridsdale , Harwich

Is the Chancellor satisfied with the balance between long-term and short-term investment?

Photo of Mr Selwyn Lloyd Mr Selwyn Lloyd , Wirral

Quite obviously one cannot be satisfied with a position in which one is borrowing short and lending long, and one has to correct that position as best one can.