Economic Growth

Part of Oral Answers to Questions — Treasury – in the House of Commons at 12:00 am on 18th July 2017.

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Photo of Toby Perkins Toby Perkins Labour, Chesterfield 12:00 am, 18th July 2017

Much of the growth is due to the fact that we are spending more on imports, due to the low cost of the pound. The latest figures from the Office for National Statistics reveal that our trade in goods deficit has risen by £2.6 billion over the past quarter and now stands at a staggering £34.4 billion. Does not the extra cost of imports have an impact on the cost of our exports and affect our productivity?