§ Mr. Skeetasked the Chancellor of the Exchequer how the net figure for private invisibles, totalling £3.07 billion in 1976, is made up; and what is the gross figure.
§ Mr. Robert SheldonI take it the hon. Member is referring to the total of net private invisibles in 1975, which amounted to £3,042 million. Details of how this total is made up are given in tables 4, 5 and 6 on pages 82 to 85 of the article on the United Kingdom balance of payments inEconomic Trends, June 1976, a copy of which is in the Library. Total credits in 1975 from private services, including the earnings of a number of public corporations, private sector investment income and transfers amounted to £10,340 million. This includes many financial and allied services for which figures are available only as net credits—for example, insurance.
§ Mr. Skeetasked the Chancellor of the Exchequer if he will separate in the national accounts the public sector deficit deducted from invisibles from that of the private sector surplus, in order to give a more accurate reading of the private sector contribution to Great Britain's invisibles account.
§ Mr. Robert SheldonThe public and private sector elements of the invisible account are shown separately in the CSO's "Pink Book" (UK Balance of Payments 1964–74), and in the quarterly articles on the United Kingdom balance of payments inEconomic Trends—the latest of which was published in the June edition—copies of which are in the Library. The Government fully recognise the positive contribution of private sector invisible earnings.