Imports slump after Brexit stockpiling
- Britain’s trade balance, measuring the gap between imports and exports, jumped to a record surplus of £4bn in November, from a deficit of £1.3bn in October, as companies reduced their imports of goods in the month after the Halloween Brexit deadline.
- City economists had been expecting a deficit of about £2.6bn.
- According to the ONS, imports slumped by 7.8% on the month, while exports rose, suggesting that UK firms rushed to stockpile goods before the 31 October deadline and then made fewer orders in November.
- The same may well happen to a lesser extent as Britain actually leaves the EU – from there, the opposite may well happen as companies realign to new trading conditions.