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Trade deficit rises to £10.5bn

Total trade deficit in goods and services widened by £5.7 billion to £10.5 billion between Q4 2016 and Q1 2017, according to the Office for National Statistics.

Increased imports of commodities, such as mechanical machinery, cars, oil and chemicals were the main sources of the deficit expanding in the first quarter.

Further findings:

  • total UK trade deficit widened by £2.3 billion to £4.9 billion between February and March 2017 – accounting for almost half the quarterly deficit in Q1
  • total imports increased by £2.9 billion, with an increase in imports of goods from both EU and non-EU countries.

Allie Renison, head of EU and trade policy at the Institute of Directors, said:

“While there has been some pickup in exports since the [Brexit] referendum, the impact on the trade balance has been limited as imports have continued to outpace this increase. We should be cautious about overestimating the impact of sterling on exports in the short term.”

Suren Thiru, head of economics at the British Chambers of Commerce, added:

“As the UK moves through the Brexit process and beyond, it is vital more is done to provide greater practical assistance for exporters, including developing an expanded trade mission and fairs programme and funding front-line, face-to-face support for exporters to help get UK businesses trading with the world.”

Talk to a member of our team about exporting today.

Why Clients Choose Easy Accountancy

Easy Accountancy offers a low cost, fixed fee accountancy package with all clients receiving their own dedicated, friendly, approachable accountant.

All of our accountants specialise in providing accountancy services to the self-employed, freelancers, sole traders, small to medium sized limited companies and private individuals. All accountants are employees of Easy Accountancy and we never outsource or offshore work.

Our low cost, all-inclusive fixed-fee accountancy service includes unlimited access to your own dedicated accountant throughout the year and covers all your business and personal tax affairs needs.

All our accountancy services include:
  - Unlimited access to your accountant
  - Ongoing advice on how to manage your business
  - Proactive tax advice throughout the year
  - Updates and reminders so you'll never miss a deadline
  - Free bookkeeping software

As a sole trader our fees start at just £60 + VAT a month, for this you receive the above plus:
  - Completion of your Self-Assessment tax return
  - Advice on how much Income Tax to pay
  - Guidance on National Insurance contributions

As a limited company our fixed fee packages are bespoke to your needs, however typically you’ll receive the above, plus:
  - Completion of your year end accounts*
  - Completion and submission of your annual return Companies House
  - The director/s Self Assessment tax return
  - Payroll bureau
  - Dividends and corporation tax computations

We’ve saved our clients up to half on their accountancy bills – if you’d like a quote, click on the quote me button to the right of this page. Alternatively, call us on 0500 234111 / 01442 275767 or email heather@easyaccountancy.co.uk.

*If you would like us to complete your company year end accounts we simply ask that you have been a client of Easy Accountancy for one year or have made 12 monthly payments.