The UK’s deficit on trade in goods and services jumped to £5.1bn for June 2016, up from £4.2bn in May, according to the Office for National Statistics. Exports increased by £1.0bn and imports increased by £1.9bn, reaching a record high of £48.9bn.
The deficit on trade in goods rose by £900m to £12.4bn in June 2016, according to data by the Office of National Statistics.
UK industrial output grew at the fastest quarterly rate since 1999 rising by 0.1% for June, meaning output was 1.6% higher than last year. However, the narrower manufacturing output measure shrank by 0.3% during the month, worse than the 0.2% decline forecast by economists. The Office for National Statistics (ONS) said the biggest decline in June was in the manufacture of transport equipment, which fell by 1 per cent.
It won’t be until later this year that official data will confirm what has happened in the economy in the weeks since Britain voted to leave Europe on June 23. Consumer confidence surveys have suggested a sharp plunge in sentiment since the Brexit Vote, while the closely-watched purchasing managers’ indices (PMIs) have also suggested a sharp deterioration in activity across the private sector.
It seems like the nation is bracing itself for the worse to come as the Bank of England cut interest rates and re-started bond purchases to cushion the economy against a potential recession following the Brexit vote, last week.