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10/07/2012
ONS Say UK Headed For Worst Trade Deficit In Four Years
The Office for National Statistics has said that the UK is heading for its biggest trade deficit since the worst of the financial crisis in 2008, despite official figures showing the situation improved in May.
Several economists have also discounted a rise in manufacturing production in the same month, arguing that the trend remained downwards.
Figures from the ONS show a reduction in the UK's deficit in goods and services to £2.7bn in May, down from £4.1bn in the previous month.
The deficit in goods also declined to £8.4bn, compared with a deficit of £9.7bn in April.
Investors who pushed the FTSE up 48 points by midday to 5675 cheered the declines.
A rise in factory output of 1.2% added to the cheery atmosphere after a run of poor figures for the manufacturing sector since the spring.
However, output was boosted by a decision to shift a bank holiday from May to June, creating an extra day's work, economists said. The run of bank holidays in June to mark the Queen's diamond jubilee is expected to trigger a dive in output, more than wiping out May's gains.
(H)
Several economists have also discounted a rise in manufacturing production in the same month, arguing that the trend remained downwards.
Figures from the ONS show a reduction in the UK's deficit in goods and services to £2.7bn in May, down from £4.1bn in the previous month.
The deficit in goods also declined to £8.4bn, compared with a deficit of £9.7bn in April.
Investors who pushed the FTSE up 48 points by midday to 5675 cheered the declines.
A rise in factory output of 1.2% added to the cheery atmosphere after a run of poor figures for the manufacturing sector since the spring.
However, output was boosted by a decision to shift a bank holiday from May to June, creating an extra day's work, economists said. The run of bank holidays in June to mark the Queen's diamond jubilee is expected to trigger a dive in output, more than wiping out May's gains.
(H)
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
