Chancellor Setting New Record On Balance Of Payments

1.56.55pm UTC (GMT +0000) Fri 26th Mar 2004

Responding to the record balance of payments deficit for 2003 of £18.8bn, Malcolm Bruce MP, Liberal Democrat Shadow DTI Secretary, said: "The Chancellor is setting new records on a regular basis - he needs to recognise there is a real imbalance in the economy fuelled by record consumer debt and an unsustainable housing boom."

"However, to control this, an increase in interest rates will make the plight of UK exporters even worse."

"The Chancellor's answer to this is betting on a global recovery to come to his rescue."