- The current account deficit fell from £34.0 billion in Q4 2015 to £32.6 billion in Q1 2016
- The current account deficit in Q1 2016 equated to 6.9% of UK GDP, down from a record 7.2% in Q4 2015
Commenting on the new current account figures and the revised estimate of UK GDP for Q1 2016, published today by the ONS, Suren Thiru, Head of Economics and Business Finance at the BCC, said:
“Despite the slight improvement in the first quarter of the year, our current account deficit remains unacceptably large.
“Failure to achieve a major improvement in the next few years could leave the UK increasingly exposed to the negative consequences of a deteriorating global economy, and risks a further downgrade to the UK’s credit rating.
“At a time of great uncertainty, policymakers must get back on the front foot with a detailed plan to help navigate the UK economy through increasingly choppy waters, including much needed support for our exporters.”