John McDonnell MP, Labour’s Shadow Chancellor, responding to the ONS publication today of UK trade figures, said:

“Today’s shocking figures for Britain’s current account deficit, which is now the largest since modern records began, are a damning indictment of this Government’s failure to deliver which has led to an economic recovery built on sand.

"The slump in exports and rise in borrowing from abroad along with the steel crisis show the urgent need for the government to invest in the future. Instead George Osborne and Sajid Javid have stood by as vital export industries face total collapse, with ONS figures last month showing a 26 per cent decline in steel exports in 2015 compared with 2014.

“It is about time David Cameron  stepped up and showed some leadership where others in his Cabinet wont, and recalls Parliament to address this steel crisis.”