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UK: trade deficit at record low, drought formally declared
15 August 2022
New UK GDP figures this showed the UK economy shrank 0.1 per cent in the second quarter, following growth of 0.7 per cent in the first three months of the year, as households cut spending and falling COVID cases and testing depressed health output. The country also reported its worst trade deficit since records began.
Drought was formally declared across 8 of the UK’s 14 areas, as the UK experiences its driest summer in 50 years. Agricultural input costs in the UK have risen an estimated 23.5% in the year to July.
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