§ Mr. Dickensasked the Chancellor of the Exchequer how much of the £491 million of overseas investment in oil and miscellaneous items made by the United Kingdom in 1964, 1965, 1966 and 1967 was raised by the reinvestment of unremitted profits and by the net outflow of funds from the United Kingdom.
§ Mr. Harold LeverMost of this sum is invested by the major oil companies. Their normal operating practice is to repatriate their overseas profits, and their overseas investment is authorised and financed on this basis. Part of the £491 million quoted by my hon. Friend is financed by calling on funds from overseas; this is entered separately in the balance of payments, as inward investment.