UK DATA: Q2 Current account balance -Stg7.383bn vs -Stg11.3bn in Q1
————————————————————————
The current account deficit narrowed sharply to Stg7.4bn in Q2 from
Stg11.3bn in Q1. This was mainly due to a rise in the income surplus to
Stg9.3bn from Stg2.9bn. This was mainly due to a large rise in the
direct investment surplus reflecting increased profits on non-financial
corporation abroad and reduced profits for UK banks and a reduction in
the portfolio deficit.