Trade figures ease economy fears
Upbeat trade figures allayed worries over the UK economy today after the country cut its global goods deficit to a lower than expected £7.4 billion in June.
Most of the £600 million fall was accounted for by the European Union - the UK's biggest trading partner - where the gap narrowed £400 million after a £100 million rise in exports and a £300 million import slide.
Total exports jumped £900 million or 4.3 per cent to £22.4 billion over the month, against a £300 million or 1per cent rise in imports.
The figures offer some cheer after the Royal Institution of Chartered Surveyors said house prices fell for the first time in a year in July and the British Retail Consortium reported a sharp slowdown in sales growth.
They also offer some hope the UK is moving towards its much-vaunted rebalancing away from imports and spending.
Howard Archer, chief economist with IHS Global Insight, said: "The hope must be that UK exporters are finally starting to benefit from sterling's weakness and that this will help prop up growth over the coming months."
- 1 Autistic adults could take pure MDMA to 'reduce social anxiety'
- 2 Natalie Portman tells Harvard graduates: 'Accept your lack of knowledge'
- 3 Before you complain about your GP, this is what you need to know about actually doing the job
- 4 Father of 12 accused of raping, beating, starving and abusing his own children in US 'cult'
- 5 Charlie Charlie Challenge explained: not a Mexican demon being summoned — it's gravity
People are criticising Fifa World Cup sponsors with corrupt corporate logos
Natalie Portman tells Harvard graduates: 'Accept your lack of knowledge'
University league tables: Best universities for teaching standards rank Oxford, Cambridge and Coventry among top 20
Fifa corruption live: Uefa to consider pulling teams from Fifa tournaments if Blatter stays
Skull found in Spain could be the world's first-ever murder victim
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
The day that Britain resigned as a global power
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
Australian man punched in the face for defending Muslim women from abuse on train
A nation of inequality: How the UK is failing to feed its most vulnerable people
EU referendum: David Cameron to deny EU migrants and under-18s the chance to vote
iJobs Money & Business
£30 - 35k: Guru Careers: We are seeking a Pricing Analyst to join a leading e-...
£20000 - £25000 per annum + OTE £45K YR1: SThree: At SThree, we like to be dif...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is a mul...
£55 - 65k (DOE): Guru Careers: A unique opportunity for a permanent C# Develop...