UK trade deficit hits worst level on record
Thursday 27 May 1999
The trade deficit for the first three months of the year rose to a record pounds 7.1bn, the Office for National Statistics (ONS) said.
The global trade gap for March narrowed slightly to pounds 2.148bn from pounds 2.297bn in February. But exports to the EU slumped in the face of the strength of sterling against a weak euro. The EU deficit widened to pounds 1.019bn from pounds 769m - the worst performance for nine years. The City had expected the global deficit to narrow to pounds 1.8bn and economists said there was a growing split between trade with Europe and with the rest of the world.
The trade gap with non-EU countries narrowed to pounds 1.055bn in April from pounds 1.129bn and well below gloomy forecasts of pounds 1.5bn. Rob Hayward, from Bank of America, said: "It does seem to suggest there is a divergence of trends in the world economy. Clearly, the weakness in the European economy is having a negative effect."
Economists said the data could open the door for another 0.25 per cent cut in interest rates next month.
Geoffrey Macnab does not like the comedian's big screen debut
Look beyond the usual shows for the best festive telly
The battle for control of Stieg Larsson's £30m legacy
French pub fined €9,000 after customers returned empties to bar - because it's 'undeclared labour'
The unluckiest people of the year 2013
PAs cleared of fraud - and Nigella Lawson left reeling at 'ridiculous sideshow' of drug allegations and public dissection of her marriage to Charles Saatchi
Burglar steals video tapes of child abuse, hands them into police
Paul Walker's daughter Meadow attends Justin Bieber Believe premiere
- 1 French pub fined €9,000 after customers returned empties to bar - because it's 'undeclared labour'
- 2 Sun will 'flip upside down' within weeks, says Nasa
- 3 #Teamnigella: It’s the only side to be on
- 4 Christmas comes early: Justin Bieber is 'retiring from music'
- 5 Burglar steals video tapes of child abuse, hands them into police
- < Previous
- Next >
iJobs Money & Business
£60000 - £90000 per annum + benefits + bonus: Harrington Starr: Business Analy...
£Negotiable: Citifocus: High calibre individual with institutional client serv...
£120000 - £150000 per annum: Cornwallis Elt : Programme Manager, Strategy Lead...
£55000 - £120000 per annum: Pro-Recruitment Group: The Financial Services Tran...