§ Mr. John Leeasked the Chancellor of the Exchequer if he will make a detailed statement on Great Britain's Overseas Portfolio Accounts and the ways in which these can contribute to the improvement of Great Britain's balance of payments.
§ Mr. DiamondThe market value of United Kingdom private portfolio investments is estimated to have been about £3,600 million at the end of December. 1964 (of which about £2,200 million was in the non-sterling area and about £1,400 million in the overseas sterling area); and this total was probably little changed at the end of December, 1965.
10WA comparable estimate is not available for 1966.
Interest and dividends on these securities have totalled about £300 million over the two years, 1965 and 1966; and the long-term capital account has benefited by some £200 million from net sales of securities over the same two years.
In addition, £316 million was taken into the reserves from the Treasury portfolio of dollar securities in February, 1966, and this portfolio now stands at about £180 million.