The news that the Britain’s goods-trade deficit with the European Union has widened to a record £8.1bn will leave the chancellor’s Byron Burger tasting somewhat tough just a few days before his Budget.
The record figures, released by the Office of National statistics (ONS), also showed a deficit of £23bn over the past three months. It is staggering to think that our current account deficit now amounts to six per cent of GDP. We are simply not exporting enough to get the much needed cash into the coffers to pay for imports.
As a result, our debts to the rest of the world are shooting up fast, leaving serious question marks around George Osborne’s claim that Britain is “earning its way in the world.”
The problem, not that our pro-EU chancellor would admit this, lies in the relationship with the blue flag of Brussels.