§ Sir David PriceTo ask the Chancellor of the Exchequer what was the contribution of British shipping to the United Kingdom balance of payments in 1988 and what it was in 1978, expressed both in current value and constant value terms.
§ Mr. MajorThe latest annual information relates to 1987, when the direct overseas earnings of ships operated598W by United Kingdom companies, net of their overseas expenditure, was £500 million. The equivalent figure in 1978 was £662 million, or about £1 billion at 1987 prices.