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Invisible Earnings

Volume 928: debated on Friday 25 March 1977

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asked the Chancellor of the Exchequer if, pursuant to the Written Answer provided to the hon. Member for Nelson and Colne (Mr. Hoyle) on 21st March, Official Report, c. 401 –402W, he will publish a breakdown of the invisible earnings for the years 1970 to 1976, in-,

£ million
Public SectorPrivate sector
CreditsDebitsNetCreditsDebitsNet
197071328-2571,375562813
1971109302-1931,369676693
1972179306-1271,553900653
1973207384-1772,6851,1651,520
1974278608-3302,8891,2261,663
1975315820-5052,6441,2191,425
1976310949-6393,2881,5631,725

asked the Chancellor of the Exchequer if, pursuant to the Written Answer provided for the hon. Member for Nelson and Colne (Mr. Hoyle) on 21st March, Official Report, columns 401 –2, he will publish a breakdown of the invisible earnings for the years 1970 to 1976, inclusive, attributed to other services by providing separate tables for financial services and non-financial services; and if he will further publish a breakdown of each of these two subdivisions into its major components such as banking, insurance and construction.

, pursuant to his reply [Official Report, 24th March 1977], gave the following information:

ployed by the Inland Revenue on 1st January 1977; and how many were employed on the same date in each of the five preceding years.

, pursuant to his reply [Official Report, 24th March 1977], gave the following information:clusive attributed to interest, profits and dividends by providing separate tables for public-sector interest, profits and dividends and private-sector interest, profits and dividends.

, pursuant to his reply [Official Report, 24th March 1977], gave the following information:The information is given below:Details of the credits and debits for each component of "other services "for the years 1970 –75 were published last September in Table 12 of" United Kingdom Balance of Payments 1965 –75". As reported in the Press Notice containing the first balance of payments estimates for the year 1976—a copy of which is available in the Library—earnings from financial and allied services in 1976 totalled £935 million, compared with a total now estimated at £755 million in 1975. Earnings from construction work overseas were £476 million in 1976. Full details for 1976 will be given in "United Kingdom Balance of Payments 1966 –76" which will include firmer estimates for each component than are now available.

asked the Chancellor of the Exchequer if he will provide a breakdown of the United Kingdom's invisible earnings for the years from 1970 to 1976, inclusive, by providing separate tables showing the total of credits, debits, and net balance for each year (a) for the private sector, and (b) for the public sector.

£ million
SERVICES
GovernmentPrivate (including public corporations)
CreditsDebitsNetCreditsDebitsNet
197051360-3093,3172,595722
197159378-3193,7982,954844
197272427-3554,0663,137929
1973104518-4145,0363,9331,103
1974110653-5436,4034,9461,457
1975139767-6287,2345,5061,728
1976210970-7609,1486,4482,700
INTEREST PROFITS AND DIVIDENDS
Public sector (including public corporations)Private sector
CreditsDebitsNetCreditsDebitsNet
197071328-2571,375562813
1971109302-1931,369676693
1972179306-1271,553900653
1973207384-1772,6851,1651,520
1974278608-3302,8891,2261,663
1975315820-5052,6441,2191,425
1976310949-6393,2881,5631,725
TRANSFERS
GovernmentPrivate
CreditsDebitsNetCreditsDebitsNet
19700177-177192226-34
19710205-205215228-13
19720210-210231288-57
197363422-359295386-91
1974130450-320355441-86
1975363742-379395476-81
19762211,017-796420481-61
* The headings "Government" and "Public sector" reter to the Government and public sectors of the United Kingdom. Transactions between foreign Governments—e.g., through their embassies in London—and the United Kingdom private sector are included under "Private".