UK deficit up as exports hit

÷ A DISAPPOINTING performance for UK exports in June pushed the trade deficit higher than expected according to official data, frustrating hopes of a currency-driven rebalancing of the economy. Manufacturing also stagnated in the month and construction went backwards, adding to the impression of Britain losing momentum as the clock ticks down to Brexit in 2019.

Goods export volumes fell 4.9pc in June, the biggest monthly fall since June 2016, while imports were up 1.5pc, said the UK Office for National Statistics (ONS).