P. M. BRIEFING : Britain Cuts Deficit $517 Million
Increased exports and strong demand for banking and tourism services helped Britain cut its current account deficit by $517 million in May to $2.24 billion, the government said today.
The figures, issued by the Central Statistical Office, came as a welcome boost for Britain’s Chancellor of the Exchequer John Major after a series of bleak data on the troubled British economy.
Although May’s figures showed Britain’s trade balance was still well in the red, they showed a steady improvement in the country’s trade performance, helped last month by record export sales of $15.4 billion.
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