pounds 25bn foreign earnings record

pounds 25bn foreign earnings record

OVERSEAS EARNINGS of the UK financial sector hit a record pounds 25.2bn in 1997, according to figures published by British Invisibles (BI). Duncan McKenzie, BI's director of economics, said this "highlights the major contribution of financial services to the balance of payments and the UK economy." Net overseas earnings of banks rose from pounds 5.5bn to pounds 7.7bn and of insurance institutions from pounds 5bn to pounds 7.4bn, while securities dealers' almost doubled to pounds 2.7bn.