Newspaper article The Journal (Newcastle, England)

Increase in Deficit Leads to Calls for Export Plan

Newspaper article The Journal (Newcastle, England)

Increase in Deficit Leads to Calls for Export Plan

Article excerpt

BRITAIN'S trade deficit surged to PS4.1bn in October as imports rose to their highest level for nearly a year, according to official figures.

The Office for National Statistics (ONS) said the total trade deficit for goods and services widened by a higher-than-expected PS3.1bn between September and October, with the strong pound and global economic slowdown hitting demand for exported goods.

It added that the deficit for goods alone ballooned to PS11.8bn from PS8.8bn in September.

With oil and other volatile goods stripped out, the deficit was the biggest since ONS records began.

The figures highlight the UK's reliance on domestic demand to drive growth, with economists concerned that too much of the economy is dependent on consumer spending fuelled by borrowing.

While the monthly figures can be highly volatile, the threemonth data to October also showed the scale of the challenge in closing the trade gap, with the deficit on trade in goods and services estimated at PS8. …

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