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About Us & RulesUK deficit jumps to 24 year high – ONS
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UK deficit jumps to 24 year high – ONS
by Irn Bru Fri Dec 20, 2013 9:41 pm
Current account deficit balloons in three months to September, equating to 5.1% of GDP, the biggest share since 1989
There were warnings Britain's economic recovery was on shaky ground on Friday after official data showed the country's current account deficit with the rest of the world soared to its highest since 1989.
Dealing a blow to chancellor George Osborne's push for a Britain that can "pay its way" in the world, the gap – Britain's trade deficit, plus the losses UK plc makes on its overseas ventures – ballooned to £21bn in the three months to September from a deficit of £6bn in the previous quarter.
As a percentage of GDP, the deficit was 5.1%, the biggest share for more than 20 years, the Office for National Statistics said.
There was similarly downbeat news for the government's push to rebalance the economy from figures on what has been driving growth, and separate ONS data showed that public finances deteriorated last month.
Graeme Leach, chief economist at the Institute of Directors, said: "As the chancellor looks at the latest GDP figures, he's likely to reach for a glass of wine and indigestion tablets at the same time. The strength of GDP, with faster year-on-year growth, will be a cause for celebration. But the sources of that growth will make him uncomfortable."
http://www.theguardian.com/business/2013/dec/20/uk-trade-deficit-share-gdp-ons
This isn't good news and one has to hope that the optimism shown over the past week or two has not been misplaced. Still worrying times and this simply demonstrates that the economic recovery is still on shaky ground.
There were warnings Britain's economic recovery was on shaky ground on Friday after official data showed the country's current account deficit with the rest of the world soared to its highest since 1989.
Dealing a blow to chancellor George Osborne's push for a Britain that can "pay its way" in the world, the gap – Britain's trade deficit, plus the losses UK plc makes on its overseas ventures – ballooned to £21bn in the three months to September from a deficit of £6bn in the previous quarter.
As a percentage of GDP, the deficit was 5.1%, the biggest share for more than 20 years, the Office for National Statistics said.
There was similarly downbeat news for the government's push to rebalance the economy from figures on what has been driving growth, and separate ONS data showed that public finances deteriorated last month.
Graeme Leach, chief economist at the Institute of Directors, said: "As the chancellor looks at the latest GDP figures, he's likely to reach for a glass of wine and indigestion tablets at the same time. The strength of GDP, with faster year-on-year growth, will be a cause for celebration. But the sources of that growth will make him uncomfortable."
http://www.theguardian.com/business/2013/dec/20/uk-trade-deficit-share-gdp-ons
This isn't good news and one has to hope that the optimism shown over the past week or two has not been misplaced. Still worrying times and this simply demonstrates that the economic recovery is still on shaky ground.
Irn Bru- The Tartan terror. Keeper of the royal sporran. Chief Haggis Hunter
- Posts : 7719
Join date : 2013-12-11
Location : Edinburgh
Re: UK deficit jumps to 24 year high – ONS
by Guest Fri Dec 20, 2013 9:45 pm
Shaky? The ground is shaking like an earthquake!
Guest- Guest
Re: UK deficit jumps to 24 year high – ONS
by Guest Fri Dec 20, 2013 11:37 pm
And this of course is the party that says it knows about economics, you'd laugh if it wasn't so pathetic.
Guest- Guest
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