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Current account deficit hits all-time high

The current account deficit in the 3 months to December 2015 was £32.7bn – 7% of GDP. This means that the value of UK imports of goods, services and investment income exceeded UK exports.  The current deficit is the widest since 1948.

GDP growth revised up

GDP growth was revised up to 0.6% for Q4 2015, as a result of this revision the UK economy grew by 2.3% for the whole of 2015.

Inflation unchanged

Inflation in the UK remained unchanged at 0.3% in February. This was below the Bank of England inflation target for the 26th month in a row.

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