As Kwasi Kwarteng prepares his mini Budget on Friday, economists have said one of the main tasks facing the new chancellor is shoring up confidence in the UK economy.
The country has become more reliant on inflows of foreign money this year than at any time since records began in 1955, highlighting its vulnerability to any fall in trust in British economic management.
The current account deficit — which includes the UK trade balance and the net income from foreign investment and transfers — deteriorated to a record 8.3 per cent of gross domestic product in the first quarter of this year, as the country’s imports far exceeded the value of its exports.
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