§ 36. Mr. Kenneth Bakerasked 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.
§ Mr. Harold LeverThe 1968 estimates are not yet available.
§ Mr. BakerWould 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?
§ Mr. LeverI 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.