UK’s trade deficit has risen to a five-month high amid growing concerns over Britain’s planned exit from the European Union and looming Brexit talks.
The gap between exports and imports widened by half a billion pounds in November to a five-month high of 2.8 billion pounds, the Office for National Statistics (ONS) said in a statement on Wednesday.
“This trade data won’t exactly help UK plc in negotiations with Europe, as we begin crucial trade talks in earnest this year and with the Brexit deadline looming large,” said Jacob Deppe, head of trading at online trading platform Infinox.
“Further negative trade balances will undoubtedly be used by Brexiteers to justify the need to strike new trading relationships around the world,” he added.
“But in reality they only help to highlight the weaknesses within the UK economy, which are bound to be exploited in negotiations both with Europe and other potential trading partners…