HC Deb 10 July 1968 vol 768 cc506-7
27. Mr. Michael Shaw

asked the President of the Board of Trade what progress his Department is making in its discussions with the British Insurance Association on the statistical deficiencies relating to the insurance industry portfolio investments, foreign earnings on life insurance business overseas, and the home-foreign underwriting business transacted in the United Kingdom.

Mr. Dell

I have received the views of the British Insurance Association, which are to be considered shortly by the Committee on Invisible Exports.

Mr. Shaw

Will the hon. Gentleman accept that the need for greater information on the subject is important, because the income derived from this source makes up an important part of the insurance market's foreign earnings?

Mr. Dell

In the course of the discussions we are seeing what additional information can be obtained commensurate with the cost of obtaining it.

Sir C. Osborne

How far does the income from this source go towards the startling improvement which the President of the Board of Trade announced this afternoon in invisible exports, with an increase from £150 million a year to the rate of £340 million a year? Does the hon. Gentleman expect this increase to continue?

Mr. Dell

My right hon. Friend was talking about an invisible surplus. The contribution of these figures will not be known until statistics are available.