Record Trade Deficit Quashes Hopes Of Export Recovery
12.25.27pm GMT Tue 11th Nov 2003
Reacting to the release this morning's trade figures for September 2003 showing a record trade deficit of £3.9bn, Vince Cable MP, Liberal Democrat Shadow Chancellor, said: "Hopes that exports are recovering have be quashed by this record trade deficit, and there is little sign of the trend reversing."
"This record trade deficit, the collapse in investment and loss of 500,000 jobs in manufacturing since 1997 show graphically that industry is having serious difficulty competing with overseas rivals."
"With the awful imbalances in the economy fuelled by runaway consumption based on debt, the Chancellor has little respite to offer exporters and is simply betting on a global recovery to get Britain out of this fix."
ENDS
Notes to editors
1. Today's figures show a record deficit of £3.9bn, estimated by ONS to be widening.
2. Today's figures also show that exports are down on the quarter and month, and imports are up - and this is true of measures both to the EU and non EU. The deficit is also up on a quarterly basis.
[Print this story]
[Previous story]: Clegg Welcomes WTO Move To Protect Local Steel Jobs (Tue 11th Nov 2003).
[Next story]: Women Directors Help Connection With Customers (Tue 11th Nov 2003).
[Other news stories from November 2003 (41)]
Related News Stories:
Wed 9th Jun 2004:
[Gordon Brown Presides Over Record Trade Deficit]
Tue 9th Mar 2004:
[Government Must Take Action On Trade Deficit]
Tue 9th Sep 2003:
[Trade Figures: 10% Export Slump Masked By Narrowing Deficit]
Mon 11th Aug 2003:
[Taylor Comments On Trade Deficit Figures]
Printed and hosted by Prater Raines Partners, 82b Sandgate High Street, Folkestone CT20 3BX.
Published and promoted by Liberal Democrats in Business, 4 Cowley Street, London SW1P 3NB.
The views expressed are those of the party, not of the service provider.
|