A vulnerable economy: the true cost of Britain's current account deficit

A current account deficit of 92bn is the biggest since records began in 1948

Over the years Britain has racked up some monster balance of payments deficits. The UK went spectacularly into the red during the boom of 1973 and again when the economy overheated in 1988.

But forget Tony Barber. Forget Nigel Lawson. No chancellor since modern records began in 1948 has presided over as big a shortfall on the nation's current account as George Osborne in 2015.

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