§ Mr. Skeetasked the Chancellor of the Exchequer if he will state the total of Great Britain's net private invisibles and indicate how this figure compares with the total net amount on Government transactions in 1971; how these figures compared with 1964; and if he will specify the factors that led to the increase in Government outgoings.
§ Mr. HigginsFigures on the basis followed in the official estimate are:
£ million Invisibles 1964 1971 Government services and transfers (net) -432 -521 Private* services and transfers (net +182 +697 Interest, profits and dividends Private sector +512 +704 Public sector -119 -198 *Including public corporations. Further details of Government services and transfers are given in Table 9 of the June issue of Economic Trends and Tables 12–14 of the United Kingdom Balance of Payments, 1971. These show that the increases in net payments in respect of Government services and transfers over the period are spread over a wide range of activities. A substan- 308W tial share of the increases reflect price rises and the effects of changes in exchange rates.
§ Mr. Skeetasked the Chancellor of the Exchequer if he will compare Great Britain's share of total world invisibles with that achieved for the last year for which figures are available by the leading countries of the Six, including Benelux; and what factors led to a decline in the British position to 11.6 per cent.
§ Mr. HigginsA recent report by the Committee on Invisible Exports, World Invisible Trade, gave the following estimates of shares of world invisible receipts in 1969:
United Kingdom 11.6 France 6.6 Italy 6.5 Federal German Republic 6.2 Netherland 3.9 Belgium-Luxembourg 2.8 The United Kingdom's share of world invisible receipts, calculated on this basis, was 17.6 per cent. in 1960. This decline reflects the fall in the United Kingdom's share of world shipping; the world expansion of tourism, in which the United Kingdom has shared; and the growth, from very low levels, of foreign investment by other major industrial countries.