Thursday, August 10, 2017

Soaring trade deficit shows Brexit export boom has failed to materialise


The UK's monthly trade deficit soared by £2bn in June, driven by a 3.5% slump in exports, figures from the Office of National Statistics have revealed.

The figures also show that exports to EU countries increased by 2.0% between the first and second quarters of the year, while exports to non-EU countries fell by 1.4%.

Liberal Democrat Leader Vince Cable commented:

“As with the extra £350m a week for the NHS, the export boom dreamed up by the Brexiteers has failed to materialise.

"The advantage to UK exporters from the fall in the pound has been offset by the rising cost of imports and uncertainty caused by Brexit.

"As these figures show, Europe remains by far the UK's most important export market.

"This underlines the need to support UK exporters and control our trade deficit by remaining in the single market and customs union."
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