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427509

	registered interest
	date	10/11/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Balance of Trade
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what assessment they have made of the current account deficit in trade.
	tabling member printed	Baroness Kennedy of Cradley
	uin	HL3529
	answer	answer is ministerial correction date of answer 18/11/2015 answer text <p>The current account deficit was 5.1 per cent of GDP in 2014. The trade balance has been broadly stable, while the UK’s net investment income has fallen, as weakness in the euro area has depressed the returns on the UK’s holding of foreign direct investment. Figures for Q2 2015 show that the deficit has narrowed, driven by an improvement in the trade and investment income balances. The Office for Budget Responsibility forecasts a narrowing of the current account deficit over the forecast period.</p> answering member printed Lord O'Neill of Gatley question first answered 18/11/2015 16:41:06 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	4303 label Biography information for Baroness Kennedy of Cradley

78317

	registered interest
	date	16/07/2014
	answering body	Department for Business, Innovation and Skills
	answering dept id	26
	answering dept short name	Business, Innovation and Skills
	answering dept sort name	Business, Innovation and Skills
	hansard heading	Balance of Trade
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what assessment they have made of the Office for National Statistics’ calculation that the United Kingdom trade deficit widened in May, compared with April.
	tabling member printed	Lord Barnett
	uin	HL1207
	answer	answer is ministerial correction date of answer 30/07/2014 answer text <p> </p><p>Between April and May 2014, the Office of National Statistics have reported that the total UK trade deficit widened from £2.1bn in April to £2.4bn in May. This £0.4bn<sup>1</sup> increase was driven by a £0.2bn increase in total exports while imports increased more, by £0.6bn. Goods exports increased by £0.1bn while goods imports increased by £0.5bn - more than service exports and imports which both increased by less than £0.1bn.</p><p> </p><p> </p><p> </p><p> </p><p> </p><p>Monthly trade data are often volatile and usually subject to revisions in later months. On a less volatile basis, in 2013 the total trade deficit decreased by £4.9bn to £28.5bn from £33.4bn in 2012. This was driven by a £10.4bn increase in total exports while imports rose by only £5.4bn over the same period.</p><p> </p><p> </p><p>Between April and May 2014, the ONS have reported that the total UK trade deficit widened from £2.1bn in April to £2.4bn in May. This £0.4bn<sup>1</sup> increase was driven by a £0.2bn increase in total exports while imports increased more, by £0.6bn. Goods exports increased by £0.1bn while goods imports increased by £0.5bn - more than service exports and imports which both increased by less than £0.1bn.</p><p> </p><p> </p><p>Monthly trade data are often volatile and usually subject to revisions in later months. On a less volatile basis, in 2013 the total trade deficit decreased by £4.9bn to £28.5bn from £33.4bn in 2012. This was driven by a £10.4bn increase in total exports while imports rose by only £5.4bn over the same period.</p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p><em>1 The £0.4bn increase is higher than the difference between the two deficits due to rounding.</em></p><p> </p><p> </p> answering member printed Lord Livingston of Parkhead question first answered 30/07/2014 16:17:07 answering member 4278 label Biography information for Lord Livingston of Parkhead
	tabling member	1018 label Biography information for Lord Barnett

425609

	registered interest
	date	03/11/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Balance of Trade
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the size of the current account balance in 2014.
	tabling member constituency	East Ham
	tabling member printed	Stephen Timms
	uin	14589
	answer	answer is ministerial correction date of answer 06/11/2015 answer text <p>The current account deficit in 2014 was 5.1% of GDP, with this net borrowing from the rest of the world helping fund the budget deficit. The Government’s plan to repair the public finances through fiscal consolidation should in turn improve the current account deficit, as set out in the latest forecasts of the Office for Budget Responsibility.</p><br /><p>The Government is also working to boost UK exports, including a £20m package of support for first time exporters and working alongside a more effective UKTI and better export finance.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 06/11/2015 13:55:47 answering member 1529 label Biography information for Mr David Gauke
	tabling member	163 label Biography information for Sir Stephen Timms