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The International Monetary Fund expects Britain’s current account deficit to reach 4.4pc of GDP this year, the highest level since the late 1980s and far worse than the US (-2.9pc), or France (-1.3pc). Italy ( 0.3pc) and Germany ( 6.1pc) will both be in surplus. The poor performance is remarkable given the 20pc trade-weighted fall in sterling since 2008.
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