Export growth 'is too slow'

The British Chambers of Commerce (BCC) has argued that the nation's exporting growth remains too slow.

Indeed, the latest UK Trade data from the Office for National Statistics indicates that the deficit in goods and services was £4.3bn in June, which is considerably higher than the equivalent figure of £2.7 billion recorded in May.

Chief economist of the BCC David Kern said this is a disappointing result, but noted that the figures would have been impacted upon by public holidays such as the Queen's Diamond Jubilee celebrations.

However, the expert said it is worrying that the deficit was so much higher in the second quarter of the year than it was in the preceding three months.

"There is no question that British exporters are facing major challenges as a result of problems in the eurozone, but the rebalancing of the UK economy towards exports is taking too long," Mr Kern remarked, adding that exporters have an untapped potential to expand.