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UK trade deficit grows in December
New official figures show the gap between exports and imports rose to £13.6bn in December. The figures, from the Office for National Statistics (ONS), were worse than the consensus expectation of a gap of £11.6bn. The ONS said that the main reason for the bigger gap was a rise in oil prices and imports. Other figures showed industrial output experienced its biggest fall since 2012. Suren Thiru, head of economics at the British Chambers of Commerce, said: "The sharp deterioration in the UK's net trade position in December was disappointing and means that trade is likely to have been a drag on UK growth in the final ... (full story)