This article examines changes to the net external asset position of the United Kingdom during 1991 (using figures published in the 1992 CSO Pink Book). It focuses on the impact of valuation changes to existing assets and to investment flows recorded in the capital account of the balance of payments; and suggests that the composition of the external balance sheet is an important influence on the extent to which the yield on external stocks is measured by flows of interest, profits and dividends.
The external balance sheet of the United Kingdom - recent developments