§ Mr. McCrindleasked the Chancellor of the Exchequer (1) what were the gross and net values of invisible exports in 1975;
(2) how many countries have greater earnings on invisible exports than the United Kingdom;
(3) what percentage of Great Britain's total foreign earnings is represented by invisible exports;
(4) what percentage of Great Britain's import bill is represented by her earnings on invisible exports;
(5) what was the value of invisible exports of insurance in 1975, dealing with Lloyds, brokers and insurance companies, respectively;
(6) how much was earned by invisible exports in the first quarter of 1976;
(7) if the earnings of invisible exports in the first quarter of 1976 are greater than that in the first quarter of 1975; and, if so, by how much in actual and percentage terms;
(8) how much was earned by private invisible earnings in the first quarter of 1976;
(9) if the earnings of private invisible exports were greater in the first quarter of 1976 than in the first quarter of 1975; and, if so, by how much in actual and percentage terms.
§ Mr. Robert SheldonIn 1975 gross invisible exports were approximately £11,000 million and our net invisible earnings £1,500 million. As far as is known from the latest—1974—available data, only the United States has greater gross invisible receipts than the United Kingdom. Net invisible earnings repre-660W Sented 37 per cent. of gross current account earnings in 1975 and 35 per cent. of gross current account payments.
The value of the invisible earnings of the United Kingdom insurance industry in 1975 is not yet known. Net invisible earnings in the first quarter of 1976 were £410 million, which is £26 million, or 7 per cent. more than in the first quarter of 1975. Net earnings from private sector services, including certain public corporations, plus private sector investment income and transfers, totalled £870 million in the first quarter of 1976, which is £144 million, or 20 per cent. more than in the corresponding quarter of 1975.