Widening UK trade gap - cause for concern?

As you may be aware the trade gap for goods in the United Kingdom with the rest of the world has increased by around £1.9bn. This has widened the gap top a record high of £125bn in 2015.

However, the UK's services sector has reported a surplus of £90bn. As a consequence that means that the UK's total trade gap widened by just £300m last year.

So are we becoming an island of service businesses? With manufacturing and retail continuing to experience problems in a highly competitive arena, the service sector is becoming more prominent in the UK.

The overall deficit - the difference between the amount the UK imports and what it exports - stood at £34.7bn in 2015, the ONS said.

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