Economic Affairs

Part of the debate – in the House of Commons at 12:00 am on 30th November 1966.

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Photo of Mr John Nott Mr John Nott , St Ives 12:00 am, 30th November 1966

Is it not the case that the£200 million to which my hon. Friend refers is for services which the City of London provides, and has nothing to do with interest that we pay out? The£200 million represents the country's earnings purely on services provided by the City of London, and it is an absolutely net gain. Against the interest being paid out, we have vastly greater earnings. Does not my hon. Friend think that, from that aspect, his analogy is slightly misleading?