Sterling’s fall lifts UK exports, figures show

ONS data raises hopes that sharp decline in pound since Brexit vote could make economy less reliant on domestic spending

Britain's trading position with the rest of the world improved markedly in the final three months of 2016, boosting hopes that the pound's sharp fall since the Brexit vote can help the economy become less reliant on domestic spending.

As sterling's fall made UK goods more competitive on overseas markets and boosted exports, there was a significant narrowing in the UK's current account deficit, the latest ONS growth figures showed. Economists said the rebalancing towards more exports would offset some but not all of the slowdown in consumer spending expected this year as incomes are squeezed.

Current account deficit fell to 2.4% of #GDP in Q4, mainly due to increased exports and earnings from FDI https://t.co/qHuKDoSKcr