Osborne announced his support for HS3, following visits to Crewe Freight liner haul in November
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The UK's current account deficit hit 7 per cent of GDP in the same period, the highest percentage since records began in 1955.
The deficit in the three months to December was £32.7 billion, or 7 per cent of GDP, the ONS said.
That puts the deficit at £96.2 billion, or 5.2 per cent of GDP for the whole of 2015.
The current account deficit refers to the money coming in and going out of the UK economy. It's different from the government fiscal deficit, which is the difference between what the Government earns in taxes and its expenses. George Osborne has promised to cut the fiscal deficit by 2020 although that is looking increasingly unlikely.
A current account deficit can build up when the UK Government's investment abroad is significantly lower than other countries' investment in the UK. This could be either because the UK is not investing abroad or that we are too reliant on outsourcing infrastructure and industry here.
The current account deficit widened in the UK from £20.1 billion in the third quarter to £32.7 billion, in the fourth because there was an increase in the shortfall on investment income, which means the UK earned less on its holdings overseas.
Analysts have warned that the gap could increase further if the UK leaves the EU.
Meanwhile the UK economy grew more at the end of 2015 than thought.
Business news: in pictures
Business news: in pictures
1/5
Iconic British car maker Jaguar Land Rover warned on July 5, 2018 that a "bad" Brexit deal could jeopardise planned investment of more than $100 billion, upping corporate pressure as the government heads into crucial talks.
AFP/Getty
2/5
Spotify traded publically for the first time on the New York Stock Exchange on Tuesday. However, the company isn't issuing shares, but rather, shares held by Spotify's private investors will be sold
AFP/Getty
3/5
The deadline to award a contract to make blue British passports after Brexit has been extended by two weeks following a request by bidder De La Rue. The move comes after anger at the announcement British passports would be produced by Franco-Dutch firm Gemalto when De La Rue’s contract ends in July.
The British firm said Gemalto was chosen only because it undercut the competition, but the UK company also admitted that it was not the cheapest choice in the tendering process.
4/5
Phillip Rasmussen, finance chief of technology company IQE, was killed in an accident while on holiday over the weekend. The company confirmed the 47 year old man had died while cycling in Menorca. A 25-year-old American man was arrested on suspicion of drink driving, after failing a roadside breath test.
5/5
The Beast from the East wiped £4m off of Flybe’s revenues due to flight cancellations, airport closures and delays, according to the budget airline’s estimates. Flybe said it cancelled 994 flights in the three months to 31 March, compared to 372 in the same period last year.
1/5
Iconic British car maker Jaguar Land Rover warned on July 5, 2018 that a "bad" Brexit deal could jeopardise planned investment of more than $100 billion, upping corporate pressure as the government heads into crucial talks.
AFP/Getty
2/5
Spotify traded publically for the first time on the New York Stock Exchange on Tuesday. However, the company isn't issuing shares, but rather, shares held by Spotify's private investors will be sold
AFP/Getty
3/5
The deadline to award a contract to make blue British passports after Brexit has been extended by two weeks following a request by bidder De La Rue. The move comes after anger at the announcement British passports would be produced by Franco-Dutch firm Gemalto when De La Rue’s contract ends in July.
The British firm said Gemalto was chosen only because it undercut the competition, but the UK company also admitted that it was not the cheapest choice in the tendering process.
4/5
Phillip Rasmussen, finance chief of technology company IQE, was killed in an accident while on holiday over the weekend. The company confirmed the 47 year old man had died while cycling in Menorca. A 25-year-old American man was arrested on suspicion of drink driving, after failing a roadside breath test.
5/5
The Beast from the East wiped £4m off of Flybe’s revenues due to flight cancellations, airport closures and delays, according to the budget airline’s estimates. Flybe said it cancelled 994 flights in the three months to 31 March, compared to 372 in the same period last year.
UK economic growth beat analysts expectations by growing 0.6 per cent in the last three months of 2015, higher than the previous estimate of 0.5 per cent, according to data from the Office of National Statistics.
The ONS said the revision was down to a stronger performance in the services sector and construction industry and a smaller contraction in industrial production.
Consumer spending helped boost the economy, with household spending up 0.6 per cent despite the fact that business investment declines and exports were flat.
In 2015 as a whole the economy grew by 2.3 per cent, more than the 2.2 per cent previously thought.
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