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Current account deficit narrows
BRITAIN’S current account gap narrowed to £9.4bn in the first three months of the year, official data revealed yesterday.
The deficit was down from an upwardly revised £13bn in the final quarter of 2010.
The news came as a surprise to some economists who had expected a sharper decline in the UK’s balance of payments deficit. “The balance of payments release is a disappointment,” said Andrew Goodwin of the Ernst and Young Item Club.
The UK recorded a £15bn deficit with the European Union, down from £16.9bn.