§ Mr. J. H. Osbornasked the Chancellor of the Exchequer (1) what estimate he has made of the book value of net assets representing investment by overseas manufacturing industry, institutions, and private portfolios, respectively, in Great Britain, and in total as at 31st December, 1968; what has been the outflow by way of interest, dividend and royalty;
Item Type Period Publication Private long-term overseas assets and liabilities Direct, portfolio and other End of year, annual, to 1967 (1) Interest, Profits and Dividends, paid and received Direct, portfolio and other Quarterly, to third quarter of 1968 (2) Royalties, paid and received On records or books, on manufacturing rights, etc. Annual, to 1966 (3) Flows of investment, Inward and Outward: World-wide Direct, portfolio and other Quarterly, to third quarter of 1968 (2) By country Direct Annual, to 1966 (4) (1) United Kingdom Balance of Payments 1968, page 36.
(2) Economic Trends December, 1968, Appendix, Tables 7 and 8.
(3) Board of Trade Journal, 23rd August, 1968, page 548.
(4) Board of Trade Journal, 19th July, 1968, inset, pages i-xxiv.
The figures all relate to the United Kingdom, not to Great Britain.
The published figures on direct and portfolio investment flows include financial institutions. The following table brings together the available figures for financial institutions separately, which relate to total overseas portfolio investments by U.K. financial institutions.
276Wand how these figures for the current year compare with those for the previous two years;
(2) what estimate he has made of the book value of net assets representing investment overseas by manufacturing industry, institutions, and private portfolio, respectively, and in total as at 31st December, 1968; what has been the return by way of interest, dividend, or royalty; what proportion of this has been taken in United Kingdom taxation; and how the figures for the current year compare with those for the previous two years;
(3) if he will tabulate in the OFFICIAL REPORT the value of investments made overseas by British manufacturing industry, institutions, and from private portfolios, respectively, and in total, during 1968; what was the value invested in the United States of America, Europe, the developed Commonwealth, and the under-developed Commonwealth, respectively; how much was invested in these areas, respectively, and in total, in 1966 and 1967; and what estimate he has made of the trends in the current year;
(4) if he will tabulate in the OFFICIAL REPORT the value of all outside investments including those by overseas manufacturing industry, institutions, and from private portfolios in Great Britain, respectively, and in total in 1968; how much of this total was from the United States of America and how much from Europe; how much was invested, respectively, in 1966 and 1967; and what estimate he has made of the trends of investment for the current year.
§ Mr. Harold LeverThe available information has been published as follows:
277W
Overseas Portfolio Assets, Investment and Income Assets Investment(1) Income £ million 1966 1967 1966 1967 1966 1967 Insurance (2) 449 481 .. .. 31 36 Investment Trusts (3) 1,033 1,462 -28 -24 .. 30 Unit Trusts (3) 54 67 12 — .. 2 Pension Funds (4) 103 140 .. .. .. 5 Total of above institutions 1,639 2,150 .. .. .. 73 (1) Net of disinvestment.
(2) Assets at book values.
(3) Assets at market values.
(4) Assets mainly at market values.
. .Not available.
Source: Bank of England Bulletin and Board of Trade Journal, various.
It is not the practice to publish forecasts of overseas investment.
The charge to United Kingdom tax on income and royalties from abroad is reduced in most cases by relief for overseas tax borne; insufficient information is available to enable the proportion of such income taken in United Kingdom tax to be estimated