HC Deb 07 February 1973 vol 850 cc120-1W
Mr. Beaney

asked the Secretary of State for Trade and Industry what is the latest available estimate of the value of the net assets of subsidiaries of United States companies in the United Kingdom and the number of people employed by them, giving a breakdown between manufacturing, distribution, oil, etc.

Sir G. Howe

The latest information available is as follows:


Aggregates of figures given in the latest accounts of United Kingdom subsidiaries of 10 major United States of America oil companies:

Book value of net assets* £749m.
Average number employed 22,000

Manufacturing and Other Activities

Book value of net assets of United Kingdom subsidiaries of United States of America companies*

Manufacturing (excluding, mineral oil refining) 1,423
Distribution 148
Other (excluding oil, banking and insurance) 96
* Includes some assets owned by the United Kingdom subsidiaries in third countries.

Employment figures are not available for the same date. An estimate of 728,000 for the number employed by large United States owned companies in manufacturing in 1970–71 (including 8,000 in mineral oil refining) has been given in "United States Industry in Britain", published recently by the Financial Times.