Britain's trade deficit has massively shrunk since Britain voted to leave the EU
According to the Office of National Statistics (ONS) the UK deficit on trade in goods and services narrowed to £8.5 billion in the latest quarter, the three months to February 2017.
In another positive sign the FTSE 100 shot up by more than 46 points today as traders expressed confidence in the British economy.
The figures came despite continued Project Fear claims by supporters of Remaining under Brussels rule that leaving the EU will severely damage the economy.
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And it comes against a backdrop of major companies such as Google, Facebook, Nissan and others announcing huge investments in the UK following the referendum result.
The only part of the UK to struggle is Scotland where the economy contracted by 02 per cent when investment dried up after SNP First Minister Nicola Sturgeon announced she wants an independence referendum so Scotland can rejoin the EU.
The FTSE rose by 46 points as traders showed confidence in the economy
With manufacturers boosted by the slight fall in the pound, the total trade deficit narrowed by £0.3 billion between the three months to November 2016 and the following three months to February 2017.
These figures show the great appetite for our exports post-Brexit referendum
Trade Secretary Dr Liam Fox
The narrowing of the deficit reflected a 3.1 per cent rise in exports 3.1 per cent compared to a rise in imports of 2.7 per cent over the period.
International Trade Secretary, Dr Liam Fox said: “We are committed to supporting UK businesses large and small as they grow, and helping them connect with the international demand for our goods and services.
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“These figures show the great appetite for our exports post-Brexit referendum and we’ll continue to bang the drum for UK businesses as part of a global Britain”.
In 2016, the top three commodities traded by the UK were mechanical machinery, cars, and electrical machinery.
Combined, their values account for 32 per cent of all UK goods exports in 2016, and 30 per cent of all UK goods imports.