A sharp fall in foreign investment income saw Britain’s current account deficit, or the balance between UK imports and exports jump to £57.7bn last year, from £20.3bn in 2011, according to the Office for National Statistics (ONS).
Despite narrowing slightly in the fourth quarter of 2012 to £14bn from £15.1bn in Q3, the deficit now represents 3.7pc of UK gross domestic product, and has not accounted for such a large share of GDP since 1989.
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Britain on the brink of a triple-dip recession as official figures confirm economy shrank at the end of 2012 | Mail Online
The British economy is heading for an unprecedented triple dip recession, experts warned today.
The Office for National Statistics confirmed the economy shrank by 0.3 per cent in the last three months of 2012. Poor wages and dire weather in the start of 2013 means growth is not expected to have returned.
The news will pile pressure on Chancellor George Osborne who was last week forced to admit growth predictions for the whole of this year had been dramatically halved – down from 1.2 per cent to just 0.6 per cent.