You have to admire the “glass half full” reporting style of news pieces covering the UK’s trade deficit.
Every month, every quarter, every year they tell us we’re losing billions, that manufacturing is down and that the services sector is all that’s keeping us from commercial oblivion (due to lack of investment in anything that actually makes anything).
But they always manage to find a bright side – in this case, it’s worse than last month but not as bad as the last quarter. Great!
The UK trade deficit almost doubled in June to £1.6bn, from £885m the previous month, the Office for National Statistics (ONS) has said.
A deficit of £9.2bn on goods was partly offset by a £7.6bn surplus on services.
Exports fell slightly, reflecting in part weaker demand in the eurozone.
Despite the sharp monthly increase, the deficit for the second quarter was, at £4.9bn, considerably smaller than the £7.5bn deficit recorded in the first three months of the year.
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