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News - 9 August 2014

UK trade deficit widens

 Latest figures from the Office for National Statistics (ONS) showed the goods trade deficit hit £9.4bn, from £9.2bn in May.

 
Exports of goods fell by £0.4bn, which the ONS said reflected falls in oil and manufactured goods.
 
The deficit on trade in goods and services was £2.5bn in June, up slightly from May's deficit of £2.4bn.
 
Lavinia Newman, Founder of ABDS and a business strategist comments:
“The UK government has sought to help exporters as part of its attempt to rebalance the economy, but weak growth in the eurozone, which is a key market, has been a problem. Exporters have also been complaining about the rising strength of the pound, which has risen against other currencies on speculation that the Bank of England will be the first major central bank to raise interest rates.”
 
David Kern, chief economist at the British Chambers of Commerce said:
“It is disappointing that the trade deficit widened again in June. Weaknesses in the global economy are still a problem and the challenges facing UK exporters are being made even greater by the strengthening pound."
 
However, better news from the ONS showed that UK construction output rose by 1.2% in June from the month before, and was up 5.3% compared with June 2013. Housebuilding was a major contributing factor once again. Residential housebuilding grew by 1.9% in June compared with May and was up by 17.9% compared with June last year.
 
For those who are looking for a more personal approach on a range of issues, including Business strategy, export and import, VAT and all other tax strategies, contact us at ABDS.
 
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: abds@netaccountants.net
 
Brilliant with numbers  
Great with people  
Clear and precise with advice
Timely and cost effective
In touch with issues that face our clients
Mindful of our client’s long term strategic goals
 
Helping Your Business is Our Business

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