HC Deb 15 December 1978 vol 960 cc666-7W
Mr. Lee

asked the Chancellor of the Exchequer (1) by what value investment capital leaving the United Kingdom for the rest of the Common Market during the last 12 months exceeded or fell short of the value of investment capital entering the United Kingdom from such countries during the same period ;

  1. (2) by what percentage investment capital leaving the United Kingdom and entering the rest of the Common Market increased or decreased during the last 12 months ;
  2. (3) what was the total value of all investment capital that left the United Kingdom and entered any other Common Market country during the period between

1973 1974 1975 1976 £ million 1977
EEC investment in United Kingdom private sector:—
Direct (*) +110 +72 +102 +159 +736
Other (†) +524 +630 +600 +377
United Kingdom private investment in EEC:—
Direct (*) —519 —364 —151 —490 —776
Other (†) —130 —304 —112 —28
(*) EEC direct investment in United Kingdom excludes the transactions of oil and insurance companies. United Kingdom direct investment in the EEC excludes the transactions of oil companies but includes investment by a number of public corporations.
(†) Including oil company transactions.

It is regretted that estimates for 1978 are not yet available.

Figures showing direct investment from the United Kingdom in the European Community and Community investment in the United Kingdom, by industry—excluding oil and insurance—for the years 1973 to 1976 are contained in the Department of Industry's Business Monitor Series M4 "Overseas Transactions 1976 ".

Current exchange control rules ensure that the great majority of investments outside the Scheduled Territories are made without a call on the United Kingdom reserves as they have to be financed for example by foreign currency borrowing, by the use of allowed profit retentions, or by means of investment currency.