We’re celebrating National Democracy Week! Find out more

Balance of Payments

HM Treasury written question – answered on 20th September 2017.

Alert me about debates like this

Photo of Philip Davies Philip Davies Conservative, Shipley

To ask Mr Chancellor of the Exchequer, what steps he is taking to reduce the balance of payments deficit; and if he will make a statement.

Photo of Stephen Barclay Stephen Barclay The Economic Secretary to the Treasury

The current account deficit has widened due to a worsening in investment income, as returns on investments in the UK have been higher than the income earned by the UK on investment abroad. As the world economy recovers the current account deficit should narrow, in line with the Office for Budget Responsibility’s forecast of -2.0% of GDP in 2021. The Government is supporting exports through UK Export Finance which has provided £14bn in support for UK exporters in the last five years and the Department for International Trade helping over 2,800 businesses who are new to exporting.

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.