Soaring exports cut trade gap

Record exports of £13.2bn to countries outside the EU helped the UK narrow its trade deficit in goods by £3bn to £7.1bn in July, according to the Office for National Statistics.

The figures are likely to have shown a bounce-back from a Jubilee-affected June, but the improvement raises the chances of trade boosting the economy overall between July and September. HSBC economists warned, however: "We remain wary of prospects for net trade."