An Opposition Debate on Trade, Exports, Innovation and Productivity highlighted the fragile nature of our economic recovery. The fundamentals for a strong economy have been overlooked by a Government more interested in short term headlines than our long term economic interests.
The Government’s promise to “rebalance” the economy has not materialised with the UK now having record high trade deficits for 2014 and 2013. Our balance of payments, the amount we import compared to the amount we export, show a trade deficit of £34 billion. However, this figure is mis-leading and masks our trade deficit in goods, which stands at £123.1 billion. Continue reading