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Trade deficit increases as weak pound fails to kick in

The UK trade deficit hit a record high in November as a reduction in demand for worldwide goods continued to grab the headlines. It had been hoped that the significant reduction in sterling against the likes of the dollar would encourage an increase in export levels but so far it has not come to fruition.

The actual trade gap increased to £8.3 billion in November from £7.6 billion in October which is the highest level since records began many decades ago. The move to higher levels shows that UK consumers are still importing significant numbers of products manufactured overseas at a time when they have never been more expensive due to the reduction in the value of sterling.

While the figures themselves could get worse before they get better the main concern amongst many business leaders and the government is the fact that the UK manufacturing base has been decimated over last few months and may not be able to support the eventual improvement in the UK economy. If this is the case, there is every likelihood that the recession could drag on for much much longer than it should have.

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