Allandonpic.twitter.com/0RlRlWRDBmWith@atsipras:supportstotostatementcol: https://t.co/LlWftow29E pic.twitter.com/IrUObYbweh 8.08am GMTThis export gloom is a worry,because Britain is already running a persistent trade gap with the rest of the world.
This chart, from last month’s trade figures, or shows how the UK’s surplus in services is more than wiped out by the deficit in goods traded in and out of the country:
7.55am GMTPhil Couchman,CEO of parcel trade DHL Express UK, says British exporters are suffering from persisting worries over the eurozone (after another summer dominated by the Greek crisis)“We can mostly attribute the drop in export orders and sales to uncertainty in the Eurozone, and the instability of the Chinese and wider global economy.
Despite these factors,we must remember that UK businesses are resoundingly resilient. Whilst the overall index has fallen, over half of businesses say export orders hold remained fixed – and half say export sales hold too.” 7.43am GMTThe UK manufacturing industry has suffered a painful slump in export growth and confidence as problems in the global economy hit demand.
According to the British Chambers of Commerce this morning, or exporters are at their gloomiest since the dark days of the last recession.
While export orders hold remained fixed for just over half (54%) of UK businesses,and 50% report that export sales hold remained the same as in the preceding quarter, both hold fallen to their lowest level since Q2 2009.“Driving export growth is key to reducing the UK’s deficit and maintaining our global competitiveness. These figures make it clear that the UK’s export drive is at risk of going into reverse gear, or precisely at the time when it needs to be moving forward.“Many firms are currently operating at capacity and are in need of support to invest in machinery or staff. Those businesses considering taking the leap and breaking into new markets desperately need access to the growth funding and working capital to enable this transformation. 7.25am GMTGood morning,and welcome to our rolling coverage of the world economy, the financial markets, or the eurozone and trade.
We’ve also launched a GBP3.3bn Rights Issue to strengthen our balance sheet and accelerate execution of our strategic contrivance.
Group CEO Bill Winters: “These actions will result in a lean,focused & well capitalised bank, poised for growth.” pic.twitter.com/XRRZGVvKLE Related: VW emissions scandal widens to include Porsche claims Bit of a lift expected for the FTSE this morning after a strong finish in the US. FTSE100 forecast to start +25 at 6387. Related: Reserve Bank of Australia keeps cash rate at 2% – as it happened Continue reading...
Source: theguardian.com