§ Mr. Beaneyasked the Secretary of State for Trade and Industry what is the latest available estimate of the value of the net assets of United Kingdom subsidiaries of foreign companies and the number of people employed by them, giving a breakdown between manufacturing, distribution oil, &c., and between the principal countries in which the parent companies are based.
§ Sir G. HoweThe following are aggregates of figures given in the latest accounts of United Kingdom subsidiaries of major overseas oil companies, relating to 1970 or 1971:
Number of overseas companies Book value of net assets*£m. Average number employed United States … 10 749 22,000 Other … 2 45 2,000 Total … 12 794 24,000 * Including some assets owned by the United Kingdom subsidiaries in third countries. For other companies, the latest figures for the book values of the net assets of United Kingdom branches subsidiaries and associates of overseas companies, relating to the end of 1968 and classified according to the main activity carried on in the United Kingdom, were published in the Board of Trade Journal of 23rd September 1970, page 649. Corresponding employment figures are not available.