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.
- 1 Tidal launch: The most pretentious lines from Alicia Keys' valedictory speech
- 2 Trevor Noah: Jon Stewart's replacement faces online criticism over 'anti-Semitic' tweets
- 3 Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
- 4 Gamers confess the worst things they've done in The Sims
- 5 Syrian child photographed 'surrendering to camera because she thought it was a gun'
Costa Concordia: Shipment of Mob drugs was hidden aboard cruise liner when it hit rocks off Italian coast, investigators say
Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
University of Cambridge: Remains of 1,300 scholars are found under building
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Turkey power cut: Prime Minister says nationwide blackout could be caused by terrorists
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
iJobs Money & Business
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...
£45,000 - £55,000: Loren Hughes: Are you looking for a new opportunity that wi...
Circa £45,000-£50,000 + benefits: Sheridan Maine: Are you a newly qualified ac...