§ 12. Mr. Jacques ArnoldTo ask the Chancellor of the Exchequer if he will give the latest figures for the stock of United Kingdom net overseas assets both in value and as a percentage of gross domestic product.
§ Mr. MajorThe United Kingdom's net overseas assets were estimated at some £90 billion at end-1987, about 21 per cent. of gross domestic product.
§ Mr. ArnoldDoes my right hon. Friend agree that the figures are an excellent measure of the restoration of the economic strength of Britain in the world? Would he care to comment on the effect that the return on those investments has on the British economy at present?
§ Mr. MajorI agree entirely with my hon. Friend's first point. On the second point, those overseas investments brought in nearly £6 billion in annual income in 1987, the highest level ever recorded. The returns from the first quarter of 1988 suggest a similar return this year.