Trade Deficits

Treasury written question – answered on 29th January 2004.

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Photo of Robert Walter Robert Walter Conservative, North Dorset

To ask the Chancellor of the Exchequer what assessment he has made of the long term effect on the UK economy of continuing trade deficits.

Photo of Ruth Kelly Ruth Kelly Financial Secretary, HM Treasury

The current scale of the UK trade deficit needs to be viewed in perspective. In recent years, the UK economy has been growing faster than many of our key trade partners, particularly those in the Euro area, so boosting our trade deficit. Nevertheless, the UK's trade and current account deficits have remained well below previous peaks.

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