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BCC: Current account deficit highlights major economic challenges facing the UK

Suren Thiru comments on the new current account figures and the revised estimate of UK GDP for Q1 2016, published today by the ONS.

Thursday 30 June 2016
The current account deficit fell from £34.0 billion in Q4 2015 to £32.6 billion in Q1 2016
The current account deficit in Q1 2016 equated to 6.9% of UK GDP, down from a record 7.2% in Q4 2015
Commenting on the new current account figures and the revised estimate of UK GDP for Q1 2016, published today by the ONS, Suren Thiru, Head of Economics and Business Finance at the BCC, said:
“Despite the slight improvement in the first quarter of the year, our current account deficit remains unacceptably large.
“Failure to achieve a major improvement in the next few years could leave the UK increasingly exposed to the negative consequences of a deteriorating global economy, and risks a further downgrade to the UK’s credit rating.
“At a time of great uncertainty, policymakers must get back on the front foot with a detailed plan to help navigate the UK economy through increasingly choppy waters, including much needed support for our exporters.”
Ends
Notes to editors:
The British Chambers of Commerce (BCC) sits at the heart of a powerful network of 52 Accredited Chambers of Commerce across the UK, representing thousands of businesses of all sizes and within all sectors. For more information visit: www.britishchambers.org.uk
Media contacts:
Allan Williams – Senior Press Manager
020 7654 5812 / 07920583381
Chris McIntyre – Press Officer
020 7654 5813 / 07825 746 812

Source: British Chamber Commerce

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