§ Mr. Anthony Grant
asked the Chancellor of the Exchequer what were the earnings of foreign currency by the City of London in 1975; and if he will express this as a percentage of the money paid by the Government to local authorities in the Greater London area and to the Greater London Council itself in the same year.
§ Mr. Robert Sheldon
The earnings of foreign currency by the City of London in 1975, net of foreign currency expenses, are estimated to have been £978 million in 1975. The rate support grants paid to local authorities in the GLC area together with the transport supplementary grant paid to the GLC amounted in the financial year 1975–76 to £890 million. The 545W former figure is 110 per cent. of the latter figure.