The UK’s deficit: are we in big trouble?

Where the US goes, the UK follows. This is nowhere more true than when it comes to the trade data, where they UK has just recorded its worst deficit since 1989.

Where the US goes, the UK follows, says Lex in the FT. This is nowhere more true than when it comes to the trade data.

In 2005, America's goods and services deficit hit a record 5.8% of GDP, and the UK was not far behind with a gap of 4% of GDP "the worst since 1989". The goods deficit (which does not include services) was equivalent to 5.4% of GDP - the highest proportion since 1974 when it stood at 6.3%.

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Annunziata Rees-Mogg

Annunziata was a deputy editor at MoneyWeek, covering financial markets, politics, economics and comment pieces. She then went on to the Daily Telegraph as a lead writer where she wrote a column on young women’s financial issues. She was briefly a member of the European Parliament for the East Midlands region in the UK as part of the Conservative Party.  Annunziata continues to write  as a freelance journalist.