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The Balance of Payments.
Member rating: No Rating | Words: | Submitted: Wed Mar 10 2004
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The Balance of Payments The Balance of Payments is a record of the financial dealings over a period of time between the UK and the international economy. Essentially the accounts are divided into two sections with the current account measuring trade in goods and services and the capital account tracking flows of money associated with saving, investment, speculation and currency stabilization in and out of the UK. The Office for National Statistics divides the UK current account into four parts. 1. Trade in goods, ranging from raw materials to industrial products. 2. Trade in services, such as transport (e.g. shipping and air transport), travel and tourism, insurance and other financial services and royalties and license fees. 3. Income flows which relate to UK investments abroad and to foreign investments in the UK (investment income). These flows comprise a substantial proportion of the invisibles. 4. Current Transfers which relate mainly to the UK's membership...
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