Britain’s trade gap was £3.8 billion in May, a two-year high, up from £3.5 billion in April. The City was, yet again, surprised by the “unexpected” rise. The gap in goods was £8.06 billion, up from £7.41 billion in April. Imports were up by 2.4 per cent, exports down by 1.6 per cent.
So much for the “export-led recovery” we are promised. The government wants every country to cut demand by tightening fiscal policy – and is then surprised that exports don’t rise!