HC Deb 25 July 1977 vol 936 cc69-70W
Mr. Clemitson

asked the Chancellor of the Exchequer (1) by what percentage foreign earnings have increased since 1970 in respect of (a) the export of goods, (b) sea transport, (c) civil aviation, (d) travel and tourism, (e) banking and (f) insurance;

(2) what percentage of total foreign earnings and invisible foreign earnings, respectively, was accounted for by (a)

index, expressed as a percentage of the index of prices of materials and fuel purchased by manufacturing industry, for each of the last 36 months.

Mr. Robert Sheldon

The index for materials and fuel purchased by manufacturing industry is based on 1970=100. The retail prices index, published in theDepartment of Employment Gazette is based on January 1974=100. Figures for the RPI expressed as a percentage of materials and fuel index are as follows:

banking and (b) insurance in the latest year for which figures are available.

Mr. Robert Sheldon

For sea transport, civil aviation and travel—including tourism—the available measure is that of service earnings. For banking and insurance the estimates include also the receipts, by the institutions concerned of interest, profits and dividends, and the percentages shown are based on these more widely-defined figures.

(i) Increase in foreign earnings between 1970 and 1976:

Per cent.
Export of goods … 211
Sea transport … 127
Civil aviation … 232
Travel and tourism … 277
Banking … 299
Insurance … 105

(ii) Proportion of totals in 1976:

As proportion of total foreign earnings Per cent. As proportion of total invisible foreign earnings
Banking … 2.5 7.0
Insurance … 1.6 4.4

Fuller details of these earnings will appear in "United Kingdom Balance of Payments 1966–1976" to be published in early September.