§ 20. Mr. Maurice Macmillanasked the Chancellor of the Exchequer what was the balance on invisible account in the last quarter of 1967 and in the first two quarters of 1968, respectively.
§ Mr. Roy JenkinsThere was a deficit of £10 million in October-December, 1967 and a surplus of £86 million in January-March, 1968—seasonally adjusted. Figures for the current quarter will be published in September.
§ Mr. MacmillanSince these figures indicate a considerable improvement in the invisible balance, can the Chancellor tell the House why the same sets of figures show such a falling off in the current balance, and, further, whether this represents an increase in net private investment overseas?
§ Mr. JenkinsI am not quite sure of the hon. Gentleman's terms. There was a deficit on visible account counteracted to some large extent by this near record surplus on invisible account. There was also a substantial deficit on long-term capital account, a large part of which was caused by an exceptional investment transaction by an oil company, and some of which was caused by an increase in private portfolio investment abroad.