Deficit shrinking, but not fast enough

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A small drop in the UK’s trade deficit figures have been met by a subdued response.

Latest figures from the Office of National Statistics shows that the deficit in November 2012 was £3.5 billion compared with £3.7 billion in October.

A surplus of £5.7 billion on services partially offset a £9.2 billion deficit on goods, and while the overall rolling three month deficit figures on goods to November total £22.3, this figure is also falling.

Compared with the three months before in 2012 this is £0.9 billion less and set against the same three months in 2011 it shows a £1.4 billion improvement.

Although heading in the right direction, banks and analysts say the balance of payments needs to improve faster to encourage investment in the UK.

Overall the UK’s accrued deficit is £29 billion, 1.9% of the country’s GDP.

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