§ Mr. Meacherasked the Chancellor of the Exchequer what has been the level of net invisible earnings for each year since 1945; what has been the value of these net earnings for each of these years at 1960 prices; and in each year what was the percentage of these net earnings earned by foreign banks in London and of these what proportion were American.
§ Mr. Nott"United Kingdom Balance of Payments 1973", Table 1, shows the level of net invisible earnings for the years 1951 to 1972. Figures for the years 1946 to 1950 were published on page 87 of "United Kingdom Balance of Payments 1971". There are no comparable figures available for 1945. The value of net invisible earnings has not been estimated at constant prices.
Because of inter-bank transactions it is not possible to distinguish the contribution to net invisible earnings of particular groups of banks in the United Kingdom. The estimated earnings from overseas transactions of all banks in the United Kingdom expressed as a proportion of total net invisible earnings are as follows:
Per cent. 1965 17 1966 14 1967 12 1968 18 1969 20 1970 18 1971 13 1972 14 Estimates are not available for earlier years.