§ Mr. Ron Thomasasked the Chancellor of the Exchequer (1) what proportion of the increased profits earned overseas by United Kingdom exporters during the period of £ sterling depreciation was remitted to the United Kingdom
(2) what regulations there are to ensure that profits earned overseas by multinational companies exporting from Great Britain are remitted to Great Britain.
§ Mr. Robert SheldonExchange control rules require that except with special permission all exporters resident in the United Kingdom, whether or not they are multinational companies, must obtain full payment in foreign currency or external sterling within six months of shipment or such longer credit period as may have been approved by the Export Credits Guarantee Department. The rules also require the entire proceeds of export sales to be remitted promptly to this country unless permission has been given for temporary retention abroad in order, for example, to pay for associated imports. Thus, all profits earned on exports from the United Kingdom should be received here.