§ Mr. HammondTo ask the Chancellor of the Exchequer what estimate he has made of the net contribution of Lloyd's of London to the United Kingdom balance of payments over(a) the period 1 January 1988 to 1 January 1992 and (b) 1 January 1992 to 31 December 1997. [38178]
§ Mrs. Liddell[holding answer 7 April 1998]: The information requested falls within the responsibility of the Chief Executive of the Office for National Statistics. I have asked him to arrange for a reply to be given.
250WLetter from Tim Holt to Mr. Philip Hammond, dated 8 April 1998:
As Director of the Office for National Statistics (ONS), I have been asked to reply to your parliamentary question on the net contribution of Lloyds of London to the United Kingdom balance of payments.Information relating to the contribution to the current account of the Balance of Payments of Lloyd's of London from 1988 to 1997 can be derived from data available on the ONS database, which can be accessed by the House of Commons Library. The estimates for underwriting services (series HCCZ) include receipts for management services provided to overseas members of Lloyd's syndicates. Estimates for earnings on portfolio investment overseas (series HCPB) include income on funds which are held overseas to support business underwritten in those countries. This income is net of earnings distributed to Lloyd's overseas members.