Invisible Earnings

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 25 February 1969.

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Photo of Mr Kenneth Baker Mr Kenneth Baker , Acton 12:00, 25 February 1969

asked the Chancellor of the Exchequer what contribution was made to the United Kingdom's overseas invisible earnings in 1968 by each of the following categories, namely, banking, insurance, merchanting and other financial institutions.

Photo of Mr Harold Lever Mr Harold Lever , Manchester Cheetham

The 1968 estimates are not yet available.

Photo of Mr Kenneth Baker Mr Kenneth Baker , Acton

Would not the Financial Secretary agree that, when available, they are likely to show that the invisible earnings of the City of London were at an all-time record, which is not bad for an ale-house and gin and tonic set-up? Will he persuade his right hon. Friend that instead of castigating the City he should congratulate it on keeping this country solvent?

Photo of Mr Harold Lever Mr Harold Lever , Manchester Cheetham

I appreciate that my right hon. Friend is a favourite target for the speculative distortion of what he has said. However, my right hon. Friend and the Government greatly value the contribution made by the City institutions concerned to our invisible exports.