In 1976 the United Kingdom's invisible receipts amounted to £14 billion, or 35% of all current account credits. Invisible payments totalled £11¾ billion, or 29% of all current account debits. The net surplus of £2¼ billion thus went a considerable way towards offsetting the visible deficit of £3½ billion.
This article starts by comparing briefly the relative importance of invisibles in the balances of payments of the major industrial countries. It then discusses the recent performance of the major components of the UK invisible account and looks at the growth of invisible compared with visible trade in recent years; in particular, it examines the growth of services in volume terms. It concludes with a look at the prospects for the UK invisible account, particularly in the light of the changes which the development of North Sea oil will inevitably bring.
Some recent developments in the United Kingdoms invisible account