Must do better
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It is not looking good for those who are hoping Britain will achieve an export-led recovery.
The seasonally adjusted trade deficit was £3.3 billion in December compared with £2.9 billion in November and £3.4 billion in October.
The upward move would not be so worrying except many are hoping that rising exports will lead Britain out of recession (see January 18 blog post). If anything the trend is moving in the opposite direction.
It is true, as I have often argued, that it is wrong to attach much importance to one month’s figures. But if the British economy really is going to escape from economic lethargy through a dynamic export sector it will have to do a lot better.
