FinancialAdvice.co.uk Logo

Qualified advisers answering your
Financial Questions
call 0800 092 1245

UK trade gap widens unexpectedly

Figures released by the Office for National Statistics show that the UK trade deficit grew from a revised £7 billion in December to £8 billion in January. After the initial downward revision of the December figure which had been originally quoted at £7.3 billion many people assumed that the UK was back on a growth path and the deficit for January was forecast to come in at around £6.9 billion. However, it seems that the UK economy may still be struggling to pull away from recession at least in the short term.

The main issue regarding the widening trade gap seems to have been a 6.9% reduction in exports in January although this was partially offset by a 1.6% reduction in imports. It is unclear exactly why exports fell so sharply especially when you bear in mind that the UK currency has been under pressure for some time, something which should help exports from the UK. There is now growing concern that the UK is at the beck and call of the Eurozone, an area of the worldwide economy which is struggling at the moment.

Yet again, just as the UK economy seemed to be on the crest of a wave it has come crashing down again and recent concerns about a double dip recession are almost certain to re-emerge.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:



Latest News

Blogs

Helpful new tax year facts that could affect you and your money


Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.


Read more

Useful Links

Popular Searches

Please Enter More Details

 
Enter More Details
Continue