HL Deb 13 October 1982 vol 434 c824

3.9 p.m.

Baroness Elliot of Harwood

My Lords, I beg leave to ask the Question which stands in my name on the Order Paper.

The Question was as follows:

To ask Her Majesty's Government what were the total receipts in invisible trade in 1981.

The Secretary of State for trade (Lord Cockfield)

My Lords, invisible earnings in 1981 are estimated at £29 billion, of which £17 billion was attributable to services.

Baroness Elliot of Harwood

My Lords, I thank the noble Lord for that Answer, which is very encouraging. May I ask him whether he hopes that the 1982 figures will be even better?

Lord Cockfield

My Lords, I am grateful to my noble friend. Yes, the figures for 1982 already show an increase over the corresponding figures for 1981.

Lord Ponsonby of Shulbrede

My Lords, can the noble Lord the Minister tell us how much of the £17 billion was attributable to tourism?

Lord Cockfield

Not without notice, my Lords, but I will send the noble Lord that information.

Lord Kaldor

My Lords, can the noble Lord the Minister tell the House whether incomes received by British investment trusts were included as part of the income of the City in the total invisible earnings which he quoted?

Lord Cockfield

My Lords, the total of invisible earnings includes profits, dividends and interest, so that, insofar as money was coming to this country from abroad, it would be included in that total.

Viscount St. Davids

My Lords, does the noble Lord the Minister not agree that, unless the Government keeps very firmly to their present track, they will not see an increase in invisible earnings, but they will see an invisible increase in earnings?

Lord Cockfield

My Lords, I suspect that may have been a wise remark if only I understood what it was intended to mean.