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Saturday, July 02, 2022
The Rank Folly of Blaming Brexit!
Data released by the Office of National Statistics yesterday indicated the UK's current account deficit - the difference between the value of the goods and services the UK imports and the goods and services it exports - widened. It now stands at a record £51.7billion, or 8.3 percent of gross domestic product.
The EU's balance sheet has plummeted over the last year (Image: GETTY)
Instead, he argued the phenomenon was being experienced worldwide.
Official European Commission data, indicates the Eurozone is suffering from a more than €30billion deficit, while the EU as a whole has a deficit of over €40billion.
Both areas had a surplus of more than €25billion in January 2021.
"If anyone tries to blame the UK's record current account deficit in Q1 on Brexit, show them this chart," he said.
"The UK usually has a large trade deficit on goods, offset in part by a surplus in services. That's nothing new.
"What is new is that the EU has also plunged into a deficit on goods, largely due to surging energy prices.
The EU has a import/export deficit (Image: N/C)
Julian Jessop said the data was proof Brexit was not behind the UK's own deficit (Image: PARLIAMENT.TV)
"But of course that doesn't fit the anti-Brexit narrative."
The ONS has itself warned against over-analysing the drop in the UK's balance accounts.
It warned a change in the way the data is collected post-Brexit meant there was a "higher degree of uncertainty" over the data.
Darren Morgan, director of economic statistics at the ONS, said: "While today's figures are showing a very high balance of payments deficit, changes to the way EU imports are recorded, and challenges in collecting inward investment data, mean there is a higher degree of uncertainly with these numbers than usual."
Energy price cap timeline (Image: EXPRESS
Energy costs across the world have soared since the outbreak of the Ukraine war.
An attempt to reduce relying on Russian gas and oil has led to wholesale prices skyrocketing, badly impacting economies around the world.
Inflation for May in the UK stood at nine percent, the highest level since 1982.
The eurozone has seen inflation hit [8.8] percent, a record high.
