TradeFigures Very Disappointing, says IoD

The latest UK tradefigures, published today, are very disappointing according to business leaders.The Institute of Directors (IoD) said the figures for October showed strongdomestic demand brought in ever-more imports, while the weak European economyremained a constraint to exports. The monthly trade deficit with the EU was thehighest ever.

Graeme Leach, ChiefEconomist at the IoD, said:

Thecurrent trade deficit is a serious concern. The expected re-balancing of the UKeconomy, with a shift in the contribution of domestic demand versus netexports, will now have to wait until 2004. Surprisingly, there is littleevidence yet of an export stimulus from strong GDP growth in the US and partsof Asia.

ends 9.12.03 No.215

Contact Points:

Richard Taylor, PressOfficer, tel. 020 7451 3264

Mobile and out of hours. 07721 734886

David Marshall,Director of Public Affairs, tel: 020 7451 3263

mobile and outof hours: 07764 883420

Email. press@iod.com

Web. www.iod.com

Noteto editors

TheInstitute of Directors is a non-party political independent organisation witharound 55,000 members. In addition to its wide range of business services, theIoD provides an effective voice to represent the interests of its members togovernment and key opinion-formers. It also brings the experience of businessleaders to bear on the conduct of public affairs