Sir Nicholas Soames: To ask Mr Chancellor of the Exchequer, what steps he is taking to reduce the current account deficit; and if he will make a statement.

Harriett Baldwin, Economic Secretary to the Treasury (City Minister): Since 2010 UKTI has more than doubled the number of businesses it helps on an annual basis, whilst UKEF has provided £14.5bn of support for exports since 2010-11.The government’s productivity plan set out further steps to build stronger trading links with emerging markets, especially China, India and Brazil, and to mobilise the whole of government behind exporting, working alongside a more effective UKTI and better export finance. The government’s commitment to eliminate the budget deficit, combined with monetary activism, will also support a narrowing of the current account deficit.

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