HC Deb 04 July 1961 vol 643 cc1228-9
19. Mr. Nabarro

asked the Chancellor of the Exchequer to what extent invisible exports have declined in the twelve months ended 30th June, 1961, compared with the immediately preceding years; for what reason they have declined; what steps he is taking to assist their recovery; and whether he will make a statement.

Mr. Selwyn Lloyd

I will circulate a table in the OFFICIAL REPORT which analyses under the various heads the invisible payments and receipts for the past three years. The growth of Government overseas expenditure has been an important contributory factor to the decline in our net earnings. Ways of reducing this are being considered.

Mr. Nabarro

Will the Chancellor bear in mind that I am not the only hon. Member who has very great difficulty in analysing the trends of proceeds and revenue from invisible exports, as the figures are not published in any analytical or palatable form to hon. Members or the general public? Can that deficiency be remedied at an early date in order that hon. Members such as myself who take an intelligent interest in these matters can remain continuously informed?

Mr. Lloyd

I hope that my hon. Friend will be benefited by the table

Invisible Account 1958–60
£ million
— 1958 1959 1960 Change 1958–60 (improvement +)
Government:
Payments … 278 275 332 -54
Receipts … 56 41 45 -11
Shipping:
Payments … 615 650 669 -54
Receipts … 637 625 644 +7
Interest, profits and dividends:
Payments … 415 420 455 -40
Receipts … 676 643 634 -42
Travel:
Payments … 155 173 205 -50
Receipts … 138 153 188 + 50
Migrants' funds etc.:
Payments … 97 92 91 +6
Receipts … 95 91 91 -4
Other invisibles:
Payments … 277 312 342 -65
Receipts … 464 489 514 + 50
Total invisibles:
Payments … 1,837 1,922 2,094 -257
Receipts … 2,066 2,042 2,116 + 50
Total invisibles (net) … + 229 + 120 +22 -207