§ Mr. Cryer
asked the Chancellor of the Exchequer what were (a) the net benefit per annum by invisible earnings on the balance of payments of the City of London as an international money market and (b) the increased costs arising during 1976 to the most recent practicable date of the devaluation of the pound.
§ Mr. Robert Sheldon
In the five years from 1970 to 1974 the overseas earnings of United Kingdom financial institutions—"the City"—averaged a little over £700 million per annum. I am not sure what information my hon. Friend is seeking in the second part of his Question. If he will write to me I shall give him what help I can.