British account deficit balloons

BRITAIN’S current account deficit ballooned to a record high in the third quarter as foreign-owned companies repatriated huge profits made from soaring oil prices, official data showed yesterday.

The Office for National Statistics said the current account gap the broadest measure of trade with the rest of the world widened to £10.2 billion (€15bn) in the three months to September from £1.36bn in Q2. That was the highest cash deficit on record and equalled 3.4% of GDP, the highest such ratio in five years.

The pound fell more than half a cent against the dollar on the much sharper than expected widening.