§ Mr. HarveyTo ask the President of the Board of Trade what assessment he has made of the value to the United Kingdom economy of British citizens working abroad. [3778]
698W
Mr. John M. TaylorThis Department has not made such an assessment. The Office for National Statistics publishes in "United Kingdom Balance of Payments" an estimate of private transfers from abroad, reflecting the savings of UK nationals temporarily resident abroad as well as pension and other transfers from abroad. In total, these transfers contributed £2,438 million to the balance of payments in 1995. Residence abroad can also benefit the economy directly or indirectly in other ways: for example, through the acquisition of new skills and experience, consultancy and maintenance contracts, export promotion and the effective management of UK overseas direct investment.