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Commodity Markets

Volume 893: debated on Friday 13 June 1975

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asked the Chancellor of the Exchequer what is his present estimate of the annual invisible export earnings of the London-based commodity markets.

The invisible earnings of the United Kingdom commodity markets are estimated in very round terms at £100 million per annum on the basis of figures provided by a large number of commodity traders for the year to May 1975; a firmer estimate will be available later this year. This figure reflects transactions on futures markets in London and abroad as well as the very substantial physical merchanting of commodities carried out through London, and represents the estimated net benefits under these headings to the United Kingdom balance of payments, excluding United Kingdom companies' expenditure abroad on representation, travel, research, etc., as well as their expenses in this country.