Skip to main content

Remittance Of Overseas Profits Profits

Volume 645: debated on Tuesday 25 July 1961

The text on this page has been created from Hansard archive content, it may contain typographical errors.

The powers to control investment in the non-sterling area apply equally to investment made out of profits earned over- seas by British companies and their subsidiaries. I am not satisfied that in all cases an adequate proportion of profits earned overseas is being repatriated to this country. I propose to request United Kingdom firms operating overseas to look at their policies in order to ensure that a higher proportion of earnings is remitted home. So far as non-sterling investment is concerned, I propose to reinstitute on a selective basis the examination of company accounts by the exchange control authorities to ensure that this policy is followed.