John McDonnell MP, Labour’s Shadow Chancellor, commenting on the ONS figures published today, said:

“The latest trade figures show once again that George Osborne is failing to meet the challenge of delivering long-term prosperity and stability with the trade deficit widening yet again over 2015.

"Osborne’s £1trillion export target is an idle fantasy if he hasn’t got the policies to make it happen. He let our vital steel industry go to the wall and is killing off promising new renewable energy manufacturers. With his so-called march of the makers barely out of the parade ground, Britain under Osborne isn’t going to be paying its way in the world any time soon.

"We need a Government prepared to invest for the long-term as part of an industrial strategy, not one failing to deal with the big challenges facing our economy.”