Stephen Timms – 2015 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Stephen Timms on 2015-11-03.

To ask Mr Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the size of the current account balance in 2014.

Mr David Gauke

The current account deficit in 2014 was 5.1% of GDP, with this net borrowing from the rest of the world helping fund the budget deficit. The Government’s plan to repair the public finances through fiscal consolidation should in turn improve the current account deficit, as set out in the latest forecasts of the Office for Budget Responsibility.

The Government is also working to boost UK exports, including a £20m package of support for first time exporters and working alongside a more effective UKTI and better export finance.