27 September 2006 Coverage United Kingdom Theme The Economy

Balance of payments 2nd quarter 2006 The current account recorded a deficit of £7.0 billion in the second quarter of 2006, equating to -2.2 per cent of GDP. This compares with a revised deficit of £8.7 billion (-2.8 per cent of GDP) in the first quarter. A deficit of £5.0 billion was recorded with the EU compared with a deficit of £8.2 billion in the previous quarter. Compared with the first quarter the current account showed lower deficits on both trade in goods and current transfers and a higher surplus in income, partially offset by a fall in the surplus on trade in services. The deficits on trade in goods and current transfers fell to £19.8 billion and £2.6 billion respectively, while the surplus on income increased to £9.0 billion. The surplus in trade in services narrowed to £6.4 billion.

Current balance £ billion 0 -1 -2 -3 -4 -5 -6 -7 -8 -9 -10 -11 -12 2003

2004

2005

2006

Data in this release have been revised from the first quarter of 2005. The current account balance now shows a deficit of £27.4 billion in 2005, equivalent to -2.2 per cent of GDP.

Current account (balances) Current balance Trade

Issued by National Statistics 1 Drummond Gate London SW1V 2QQ

Trade

in

in

goods

services

as per Income

Transfers

Current

cent

Balance

of GDP

seasonally adjusted: £ billion

%

2004 Q3

-15.5

+6.5

+5.0

-2.8

-6.9

-2.3

020 7533 5725 0845 601 3034

Q4

-16.2

+6.7

+9.4

-3.0

-3.0

-1.0

Statistician Perry Francis 020 7533 6075 Email [email protected]

2005 Q1

-16.1

+5.8

+8.5

-3.4

-5.2

-1.7

Q2

-15.8

+6.7

+10.2

-2.6

-1.6

-0.5

Telephone Press Office Public Enquiries

Q3

-18.1

+4.1

+6.4

-3.0

-10.6

-3.5

Internet www.statistics.gov.uk

Q4

-18.6

+6.8

+4.9

-3.0

-9.9

-3.2

Next publication date 21 December 2006

2006 Q1

-21.2

+6.9

+8.6

-3.1

-8.7

-2.8

Q2

-19.8

+6.4

+9.0

-2.6

-7.0

-2.2

First Release: Balance of Payments, 2nd quarter 2006

page 2

Current account balance as percentage of GDP

Balances as percentage of GDP % of gdp

Income

6

Current balance

The current account balance equates to -2.2 per cent of GDP at current market prices in the second quarter, compared with -2.8 per cent in the first quarter. The deficit on trade in goods and services is equivalent to -4.2 per cent of GDP in the latest quarter, compared with -4.6 per cent in the previous quarter, whilst the surplus on income is 2.8 per cent of GDP in the latest quarter, up slightly from 2.7 per cent in the first quarter.

Trade in goods and services

4 2 0 -2 -4 -6 2003

Current account with EU and non-EU countries (Table C)

2004

2005

2006

EU/non-EU current account £ billion

EU countries Non-EU countries

6

The current account deficit with EU countries narrowed to £5.0 billion in the second quarter, compared with £8.2 billion in the previous quarter. This was driven by higher income receipts and a lower deficit on trade in goods, which outweighed an increase in the deficit on trade in services. The current account deficit with non-EU countries widened to £2.0 billion in the latest quarter, compared to the £0.6 billion deficit recorded in the previous quarter. An increase in the surplus on trade in services was outweighed by a fall in the surplus on income.

4 2 0 -2 -4 -6 -8 -10 -12 2003

2004

2005

2006

Trade in Goods (Table E) The deficit on trade in goods in the second quarter was £19.8 billion, compared with a deficit of £21.2 billion in the previous quarter. Exports rose by £4.4 billion while imports rose by £3.0 billion. The deficit with the EU was £9.4 billion, compared with £10.9 billion in the first quarter. Exports to EU countries rose by £4.3 billion and imports from EU countries by £2.8 billion. The deficit with non-EU countries rose from £10.3 billion to £10.5 billion in the second quarter. Exports to non-EU countries rose by £0.1 billion while imports from those countries rose by £0.2 billion. Changes in trading associated with VAT Missing Trader Intra-Community (MTIC) fraud affect both imports and exports.

Trade in goods balance £ billion 0 -2 -4 -6 -8 -10 -12 -14 -16 -18 -20 -22 -24 2003

2004

2005

2006

First Release: Balance of Payments, 2nd quarter 2006

page 3

Trade in Services (Table F)

Trade in services balance £ billion 8

The Trade in Services surplus stood at £6.4 billion in the second quarter, a fall of £0.4 billion compared with the revised first quarter. Exports fell by £0.3 billion mainly reflecting a decrease in exports of transportation services; this was the result of changes in the pattern of trading following a restructuring in the UK shipping industry. Imports showed a minor rise of £0.1 billion, mainly reflecting increased imports of government services.

7 6 5 4 3 2 1 0 2003

Income (Table G)

2004

2005

2006

Income balance £ billion 12

The surplus on income in the second quarter rose to £9.0 billion, from £8.6 billion in the first quarter. Income credits were £58.5 billion in the second quarter, £2.8 billion higher than in the first quarter. This increase was mainly driven by a rise in earnings on loans and deposits abroad. Income debits increased by £2.4 billion in the second quarter, to £49.5 billion, driven by higher earnings on loans to and deposits in the UK.

10 8 6 4 2

The compensation of employees’ account showed a small surplus. The surplus on direct investment income was £13.1 billion in the second quarter, up on the £12.7 billion surplus in the previous quarter. Earnings on direct investment abroad were £21.7 billion in the latest period, with increased earnings being reported within the banks, insurance and other financial intermediaries sectors. Earnings on direct investment in the UK fell slightly to £8.6 billion in the second quarter compared with £8.7 billion in the first quarter. Lower earnings were reported by banks and the other financial intermediaries partially offset by a rise in earnings by private non-financial corporations.

0 2003

2004

2005

2006

Direct investment income balance £ billion 14 12 10 8 6 4 2

2003

2004

2005

2006

First Release: Balance of Payments, 2nd quarter 2006

page 4

Portfolio investment income recorded a surplus of £1.4 billion in the second quarter, the highest on record, compared with a surplus of £0.7 billion in the previous quarter. UK earnings on holdings of foreign securities rose by £0.4 billion in the second quarter, to £13.5 billion, the highest on record, with higher earnings on debt securities outweighing lower earnings on equity. Foreign earnings on portfolio investment in the UK fell by £0.2 billion in the latest quarter, to £12.1 billion, with lower earnings on equity securities outweighing higher earnings on debt. The increases in receipts and payments on debt securities reflect recent investment and upward movements on foreign currency interest rates. The deficit on earnings from other investment widened in the latest period to £5.7 billion, the highest on record, compared with a deficit of £4.9 billion in the first quarter. Earnings on other investment abroad were £22.8 billion, an increase of £2.0 billion from the previous quarter, largely due to higher banks' earnings on foreign currency loans and deposits. Earnings on other investment in the UK increased by £2.8 billion, to £28.4 billion, again due to increased interest payments on foreign currency loan and deposit liabilities. The increase in both credits and debits reflects increased investment and rises in foreign currency interest rates.

Portfolio investment income balance £ billion 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 -0.2 -0.4 -0.6 -0.8 -1.0 2003

2004

2005

2006

Other investment income balance £ billion 0 -1 -2 -3 -4 -5 -6 -7

Income on reserve assets was £0.2 billion in the second quarter, unchanged from the income earned in the first quarter.

2003

Current transfers (Table H)

Current transfer balance

2004

2005

2006

£ billion 0

The deficit on current transfers decreased by £0.5 billion in the second quarter, to £2.6 billion, mainly reflecting a decrease in the contributions to the EU Budget. It should be noted that the quarterly path of net contributions to EU institutions is erratic.

-0.5 -1 -1.5 -2 -2.5

Capital Account (Table I) The capital account recorded a deficit in the second quarter for the first time since the first quarter of 1999. The deficit was £1.9 billion in the latest quarter, compared to a surplus of £0.5 billion in the first quarter. This was driven by large scale debt relief to Nigeria.

-3 -3.5 -4 2003

2004

2005

2006

First Release: Balance of Payments, 2nd quarter 2006

page 5

Financial Account (Table J)

Financial account

£ billion

UK investment abroad Investment in the UK

The financial account showed a net inflow (i.e. inward investment) of £11.9 billion in the second quarter, compared with a net outflow of £2.9 billion in the first quarter. There was net investment abroad of £31.2 billion and net investment in the UK of £43.1 billion in the second quarter, both of which were significantly lower than in recent quarters.

400 350 300 250 200 150 100 50

Direct investment abroad showed net investment of £2.4 billion in the second quarter, compared to net investment of £9.6 billion in the previous quarter. The lower net investment in the latest quarter reflects an increase in net disinvestment in other capital transactions, which went from £8.2 billion in the first quarter to £16.3 billion in the second quarter. Disinvestment in other capital transactions was only slightly offset by a £0.6 billion increase in investment in equity capital between the latest quarters and a small increase in reinvested earnings. Nonfinancial corporations showed net disinvestment over the latest quarter while monetary financial institutions, insurance companies and other financial intermediaries showed lower investment over the latest period. Direct investment into the UK was £16.2 billion in the second quarter, down from £30.5 billion in the previous quarter. This reflected lower net investment in equity capital which fell from £23.4 billion in the first quarter to £13.5 billion in the latest quarter, and net disinvestment in other capital transactions. Reinvested earnings rose from £4.3 billion in the first quarter to £5.0 billion in the second quarter. While the other financial intermediaries sector showed increased investment between the first and second quarters, private non-financial corporations, monetary financial institutions and the insurance sector all reported lower investment.

Direct investment acquisitions and disposals in the second quarter of 2006 included: Outward acquisitions (of foreign companies): the purchase of Telsim by Vodafone group for a reported value of £2.6 billion; the purchase of the Tintaya copper mine of BHP Billiton Ltd by Xstrata Plc for a reported value of £0.4 billion;

0 -50 2003

2004

2005

2006

Direct investment

£ billion 70

UK investment abroad Investment in the UK

60 50 40 30 20 10 0 -10 2003

2004

2005

2006

First Release: Balance of Payments, 2nd quarter 2006

page 6

the purchase of Eurotaxglass’s by Candover Investments Plc for a reported value of £0.3 billion; the purchase of Songa Drilling AS by Abbot Group Plc for a reported value of £0.2 billion. Outward disposals (of foreign companies): no large disposals to report. Inward acquisitions (of UK companies): the purchase of BAA Plc by Ferrovial Consortium for a reported value of £10.1 billion; the purchase of GHG Ltd by Netcare Consortium for a reported value of £2.4 billion; the purchase of Select Service Partner business of Compass Group Plc by EQT Partners AB and the Macquarie Bank Consortium for a reported value of £1.8 billion; the purchase of Pilkington Plc by Nippon Sheet Glass Co.Ltd for a reported value of £1.8 billion. Inward disposals (of UK companies): the sale of GHG Ltd by BC Partners for a reported value of £2.4 billion. Note: The figures used are those reported in the financial press. Portfolio investment abroad showed net investment of £43.6 billion in the second quarter, compared with net investment of £54.6 billion in the first quarter. Increased investment in equity securities was outweighed by lower investment in debt securities following strong investment in the previous quarter. Portfolio investment in the UK showed net investment of £28.0 billion in the second quarter, compared with net investment of £39.2 billion in the first quarter. This lower investment was driven by disinvestment in money market instruments issued by UK banks of £5.2 billion, following investment of £6.2 billion in the previous quarter. There was investment of £2.1 billion in equity securities, compared with disinvestment of £0.8 billion in the previous quarter and net investment in debt securities was £30.0 billion in the second quarter compared with £24.5 billion in the first quarter.

Portfolio investment

£ billion 60

UK investment abroad Investment in the UK

50 40 30 20 10 0 -10 2003

2004

2005

2006

First Release: Balance of Payments, 2nd quarter 2006

page 7

Financial derivatives showed net settlement payments from interest rate swaps contracts of £2.9 billion in the second quarter, following net settlement payments of £6.0 billion in the previous quarter. Other investment abroad showed net disinvestment of £17.5 billion in the second quarter, compared with very high net investment in the first quarter of £309.0 billion. This disinvestment was driven by a net withdrawal of deposits abroad following very large net deposits in the previous quarter, together with net repayments to UK banks on foreign currency loans following very high advances in the previous quarter. Other investment in the UK showed disinvestment of £1.1 billion in the second quarter compared with investment of £306.1 billion in the first quarter. The significant turnaround was driven by net repayments by UK residents on short term loans following high net advances in the previous quarter, together with UK banks' foreign currency deposit liabilities showing a much smaller increase in the latest quarter following significant deposit taking in the previous quarter.

Other investment

£ billion

UK Investment abroad Investment in the UK

320 280 240 200 160 120 80 40 0 -40 -80

2003

2004

2005

2006

Reserve assets showed net disinvestment of £0.2 billion in the second quarter, compared with disinvestment of £0.5 billion in the previous quarter.

International Investment Position (Table K) The international investment position showed net external liabilities (i.e. liabilities exceed assets) of £266.9 billion at the end of the second quarter compared with net external liabilities of £220.3 billion at the previous quarter. UK assets abroad fell by £133.8 billion from the end of the first quarter down to a level of £5075.9 billion at the end of the second quarter. UK liabilities fell by £87.1 billion over the same period down to a level of £5342.8 billion. The fall in the level of both UK assets and UK liabilities in the second quarter reflects price and exchange rate movements as opposed to net disinvestment.

International investment position (net) £ billion 0 -50 -100 -150 -200 -250 -300

2003

2004

2005

2006

First Release: Balance of Payments, 2nd quarter 2006

page 8

Revisions since last Balance of Payments First Release (Table R) Data in this release have been revised from the first quarter of 2005. Overall changes to the current account in the latest years, by current balance component, are as follows: £ billion 2005

05q1

05q2

05q3

05q4

06q1

Goods Services Income Transfers

-1.4 0.3 0.1 0.2

-0.1 0.1 0.1

-0.2 0.3 -0.1 -

-0.3 0.1 0.1 -

-0.7 -0.2 -

-1.6 -0.2 1.1 0.3

Current balance

-0.8

0.1

-

-0.1

-0.8

-0.4

Notes: columns may not sum due to rounding; - means nil or less than £50 million.

Trade in goods – The revisions to data from the first quarter of 2005 for trade in goods reflect revised data from HM Revenue & Customs and other data suppliers, revised estimates of trading associated with VAT MTIC fraud, and a re-assessment of seasonal factors. The methodology used by HMRC to produce the estimates of trade associated with VAT MTIC fraud has changed from the June Balance of Payments release. The changes will improve the quality of the latest estimates, reducing the level of revisions in future. The change was agreed by the Project Board currently reviewing the methodology, chaired by HMRC which includes representatives from ONS. This methodology is not published to protect HMRC’s ability to tackle the fraud effectively Trade in services - The main exports revisions in 2005 are to air transportation services reflecting updated source data from the Civil Aviation Authority, to sea transportation services reflecting latest data from the Chamber of Shipping and to other business services. Exports revisions in the first quarter of 2006 are mainly to travel services, resulting from the use of the latest data from the Civil Aviation Authority to weight the results of the International Passenger Survey, and of royalties and licences, reflecting late returns to the International Trade in Services (ITIS) survey. The main imports revisions in 2005 are to imports of government and transportation services. Revisions in the first quarter of 2006 are mainly to air transportation services

First Release: Balance of Payments, 2nd quarter 2006

page 9

reflecting updated source data from the Civil Aviation Authority, to travel services, resulting from the use of the latest data from the Civil Aviation Authority to weight the results of the International Passenger Survey, and to royalties and licences and other business services, reflecting late returns to the ITIS survey. Current Transfers - Revisions to current transfers from 2005 are attributable to revised source data from HM Treasury. Income, Financial account and International Investment Position - Revisions from 2005 reflect new and revised survey data. The main revisions stem from revised estimates from the quarterly inquiry into foreign direct investment as well as new estimates from the Bank for International Settlements.

First Release: Balance of Payments, 2nd quarter 2006

page 10

BACKGROUND NOTES This quarter 1.

This release includes data available up to 12 September 2006.

2.

Response rates to the ONS quarterly direct investment inquiries are lower than usual at this stage for the second quarter of 2006. This is due to the recent introduction of a new, more complex questionnaire designed to collect the extra information required under the new Eurostat Balance of Payments Regulation. The Office for National Statistics is working to restore the levels of response for future quarters.

Basic Quality Information for BoP First Release Summary Quality Report 3.

A Summary Quality Report for this First Release is available on the National Statistics website at: http://www.statistics.gov.uk/cci/article.asp?ID=1453

Key quality issues 4.

Common pitfalls in interpreting series: Expectations of accuracy and reliability in early estimates are often too high. Revisions are an inevitable consequence of the trade off between timeliness and accuracy. Early estimates are based on incomplete data. Very few statistical revisions arise as a result of ‘errors’ in the popular sense of the word. All estimates, by definition, are subject to statistical ‘error’; but in this context the word refers to the uncertainty inherent in any process or calculation that uses sampling, estimation or modelling. Most revisions reflect either the adoption of new statistical techniques, or the incorporation of new information which allows the statistical error of previous estimates to be reduced. Only rarely are there avoidable ‘errors’ such as human or system failures, and such mistakes are made quite clear when they do occur.

Reliability 5.

Estimates for the most recent quarters are provisional and, as usual, are subject to revision in light of updated source information. ONS has recently started to provide an analysis of past revisions in the BoP and other First Releases which present time series. Details can be found at: http://www.statistics.gov.uk/cci/article.asp?ID=793

First Release: Balance of Payments, 2nd quarter 2006

page 11

Spreadsheets giving revisions triangles (real time databases) of estimates from 1996 to date and the calculations behind the averages in the table are available on the National Statistics website at: http://www.statistics.gov.uk/StatBase/Product.asp?vlnk=1118. 6.

Revisions to data provide one indication of the reliability of key indicators. The table below shows summary information on the size and direction of the revisions which have been made to the data covering a five year period. A statistical test has been applied to the average revision to find out if it is statistically significantly different from zero. An asterisk (*) shows that the test is significant. The table covers estimates from the balance of payments first published from September 1998 (1998 q2) to June 2003 (2003q1). Current account (seasonally adjusted)

£ million

Revisions between first publication and estimates three years later

Value in latest period

Average over the last five years

Average over the last five years without regard to sign (average absolute revision)

Credits (HBON)

159369

23

1845

Debits (HBOO)

166355

1786*

2144

-6986

-1762*

2019

Balance (HBOP)

An article analysing balance of payments current account revisions was published on 11 May 2005. It can be found at: http://www.statistics.gov.uk/cci/article.asp?ID=1125

Status of figures and planned future revisions 7.

Import figures for Trade in Goods include adjustments to allow for the impact of trade associated with VAT Missing Trader Intra-Community (MTIC) fraud. The adjustments were introduced for the first time in the UK Trade May 2004 First Release published on 9 July 2004. The adjustments are added to the EU import estimates derived from Intrastat returns.

First Release: Balance of Payments, 2nd quarter 2006

page 12

An article explaining the fraud and the impact on the trade figures was published on 9 July 2003. A follow-up report was published on 17 February 2005 which summarises the work carried out since July 2003 to review the estimates of the impact on the trade figures. The articles can be found at: http://www.statistics.gov.uk/cci/article.asp?ID=402 and http://www.statistics.gov.uk/cci/article.asp?ID=1066. Following a change in the pattern of trading associated with MTIC fraud, interpretation of the breakdown between EU and non-EU trade is more difficult. ONS and HMRC statisticians are investigating the impact on the trade in goods estimates. HMRC have set up a new project to review the methodology for producing the estimates of the impact on the trade statistics. Estimates may change as the analysis of the fraud continues. An interim progress report was published by HMRC on 16 January 2006 at: http://www.uktradeinfo.com/index.cfm?task=news&id=384&startrow=1 Some trade associated with VAT MTIC fraud is currently affecting non-EU exports. However, the MTIC trade adjustments are added to the EU import estimates derived from Intrastat returns as it is this part of the chain that is not recorded. Changes to the pattern of trading associated with MTIC fraud can therefore make it difficult to analyse trade by commodity group and by country as increases inflate both imports and exports. In particular, adjustments affect trade in capital goods and intermediate goods - these categories include mobile phones and computer components. 8.

Figures for total exports and imports less adjustments for trade associated with VAT MTIC fraud are given in the monthly UK Trade First Release, which can be found at: http://www.statistics.gov.uk/StatBase/Product.asp?vlnk=1119.

9.

Figures for the most recent periods are provisional and subject to revision in light of: (a) late and corrected responses to surveys; (b) revisions to seasonal adjustment factors which are re-estimated annually (the next review is due in Spring 2007).

10. ONS delivered Q2 2006 current account estimates at the end of August to Eurostat solely for them to estimate aggregate euro-indicators. On 2 October, the ONS will supply a geographical breakdown of the financial account to Eurostat for 2006 Q2 in order to meet the requirements of Balance of Payments Regulation EC 184/2005, also for EU aggregation purposes. The same approach is followed for each quarterly delivery.

First Release: Balance of Payments, 2nd quarter 2006

page 13

General notes 11. Table C provides an EU/non-EU breakdown of the current account. Data in this release are presented on an EU25 basis, reflecting the expansion of EU membership on 1 May 2004. A quarterly geographic breakdown of the UK’s current account with the Euro area, the USA, Japan, Canada, Switzerland, Brazil, China, Hong Kong, India and Russia is also available and is published in United Kingdom Economic Accounts (UKEA). 12. Current and capital accounts are seasonally adjusted. Financial account and international investment position data are not seasonally adjusted. 13. When compiling the geographic breakdown of income, current transfers and trade in services, the EU countries are seasonally adjusted. The non-EU seasonally adjusted figure is calculated by subtracting the seasonally adjusted EU total from the seasonally adjusted world total. Both EU and non-EU data are seasonally adjusted for trade in goods; these are aggregated to form the world total. 14. International investment position statistics are based on recording direct investments at book values and other assets and liabilities at estimated market values and are likely in some respects to be deficient in scope and coverage. Quarterly estimates tend to be less reliable because they are largely based on cumulated flows and not reported levels. 15. In theory, every credit entry should be matched by a corresponding debit so that total current, capital and financial account credits should be equal to, and therefore offset by, total debits. In practice there is a discrepancy termed net errors and omissions. The net errors and omissions are shown on Table A.

Further information 16. The United Nations Statistics Commission and the IMF Board of Directors have approved the comprehensive and parallel updating of the following National Accounts manuals, in order to ensure their consistency and achieve greater harmonisation. 1993 System of National Accounts, 1993 (SNA93) Balance of Payments Manual, 5th edition (BPM5) Government Finance Statistics Manual, 2001 (GFSM2001) The ONS has developed the following webpage to inform users of progress and to invite their input: http://www.statistics.gov.uk/about/Consultations/NA/default.asp

First Release: Balance of Payments, 2nd quarter 2006

page 14

17. Free access to National Statistics data is available online at: http://www.statistics.gov.uk 18. Details of the policy governing the release of new data are available from the press office. Also available is a list of the names of those given prepublication access to the contents of this release. 19. National Statistics are produced to high professional standards set out in the National Statistics Code of Practice. They undergo regular quality assurance reviews to ensure that they meet customer needs. They are produced free from any political interference. © Crown Copyright 2006.

First Release: Balance of Payments, 2nd quarter 2006

page 15

Index to tables A B C

Summary of balance of payments Current account Current account transactions with the EU and with non-EU countries D Summary of International investment position, financial account and investment income E Trade in goods F Trade in services G Income H Current transfers I Capital transfers J Financial account K International investment position R1 Summary of revisions since last Balance of Payments First Release R2 Current account revisions since last Balance of Payments First Release

A

Summary of balance of payments Balances (net transactions) £ million 2004

2005

2004 Q2

2004 Q3

2004 Q4

2005 Q1

2005 Q2

2005 Q3

2005 Q4

2006 Q1

2006 Q2

BOKI IKBD

–60 893 25 918

–68 676 23 377

–15 247 6 840

–15 529 6 493

–16 170 6 705

–16 148 5 815

–15 839 6 658

–18 099 4 108

–18 590 6 796

–21 182 6 873

–19 826 6 442

IKBJ

–34 975

–45 299

–8 407

–9 036

–9 465

–10 333

–9 181

–13 991

–11 794

–14 309

–13 384

IJAJ HBOM

71 26 525

65 29 870

32 6 345

17 4 937

7 9 433

5 8 493

30 10 129

18 6 357

12 4 891

– 8 632

22 8 974

HBOJ

26 596

29 935

6 377

4 954

9 440

8 498

10 159

6 375

4 903

8 632

8 996

FNSV FNTC

–8 304 –2 645

–9 336 –2 691

–1 906 –533

–2 151 –656

–2 285 –732

–2 595 –808

–2 224 –332

–2 223 –803

–2 294 –748

–2 348 –704

–2 026 –572

IKBP

–10 949

–12 027

–2 439

–2 807

–3 017

–3 403

–2 556

–3 026

–3 042

–3 052

–2 598

Current balance

HBOP

–19 328

–27 391

–4 469

–6 889

–3 042

–5 238

–1 578

–10 642

–9 933

–8 729

–6 986

Capital balance

FNVQ

2 063

2 423

601

266

461

709

591

316

807

455

–1 937

LQCT KTMS

–60 893 25 918

–68 676 23 377

–15 525 6 587

–15 819 5 106

–14 958 7 662

–16 543 6 561

–16 563 6 378

–18 510 2 816

–17 060 7 622

–21 502 7 653

–20 026 6 026

KTMY

–34 975

–45 299

–8 938

–10 713

–7 296

–9 982

–10 185

–15 694

–9 438

–13 849

–14 000

KTMP HMBM

71 26 525

65 29 870

48 4 488

102 6 140

16 8 611

–114 8 520

49 9 174

108 7 685

22 4 491

–117 8 569

42 8 609

HMBP

26 596

29 935

4 536

6 242

8 627

8 406

9 223

7 793

4 513

8 452

8 651

FJUQ FJUR

–8 304 –2 645

–9 336 –2 691

–1 807 –490

–2 309 –652

–1 788 –695

–3 321 –916

–2 029 –255

–2 245 –830

–1 741 –690

–2 922 –819

–1 858 –486

KTNF

–10 949

–12 027

–2 297

–2 961

–2 483

–4 237

–2 284

–3 075

–2 431

–3 741

–2 344

Current balance

HBOG

–19 328

–27 391

–6 699

–7 432

–1 152

–5 813

–3 246

–10 976

–7 356

–9 138

–7 693

Capital balance

FKMJ

2 063

2 423

634

283

449

668

624

335

796

395

–1 902

Direct investment Portfolio investment Financial derivatives (net) Other investment Reserve assets

HJYV HHZD ZPNN HHYR LTCV

–11 415 –53 606 –7 875 78 733 –196

31 186 –34 236 –2 451 24 769 –656

–6 051 12 209 –3 967 6 600 595

–10 280 –31 178 –1 278 44 344 54

13 182 –38 636 1 874 25 095 –1 370

–12 635 27 088 269 –20 640 533

6 126 –24 563 –1 155 23 129 –527

53 690 –39 995 –1 574 4 104 –376

–15 995 3 234 9 18 176 –286

20 916 –15 371 –5 968 –2 896 465

13 866 –15 626 –2 915 16 363 210

Net financial transactions

HBNT

5 641

18 612

9 386

1 662

145

–5 385

3 010

15 849

5 138

–2 854

11 898

HHDH

11 624

6 356

–3 321

5 487

558

10 530

–388

–5 208

1 422

11 597

–2 303

Seasonally adjusted Current account Trade in goods and services Trade in goods Trade in services Total trade Income Compensation of employees Investment income Total income Current transfers Central government Other sectors Total current transfers

Not seasonally adjusted Current account Trade in goods and services Trade in goods Trade in services Total trade Income Compensation of employees Investment income Total income Current transfers Central government Other sectors Total current transfers

Financial account

Net errors and omissions1

1 This series represents net errors and omissions in the balance of payments accounts. It is the converse of the current and capital balances (HBOG and and FKMJ) and net financial account transactions (HBNT) and is required to balance these three accounts, not seasonally adjusted.

B

Current account Seasonally adjusted £ million 2004

2005

2004 Q2

2004 Q3

2004 Q4

2005 Q1

2005 Q2

2005 Q3

2005 Q4

2006 Q1

2006 Q2

BOKG IKBB

190 877 211 694 107 817 111 667

47 137 26 893

48 218 26 970

49 443 28 127

49 041 27 790

51 956 28 485

54 264 26 265

56 433 29 127

62 688 30 251

67 076 29 928

Total exports of goods and services IKBH

298 694 323 361

74 030

75 188

77 570

76 831

80 441

80 529

85 560

92 939

97 004

IJAH HBOK

1 171 1 211 141 030 185 876

296 33 331

295 34 781

296 40 837

303 41 931

302 46 415

301 46 582

305 50 948

301 55 401

311 58 167

HBOH

142 201 187 087

33 627

35 076

41 133

42 234

46 717

46 883

51 253

55 702

58 478

Credits Exports of goods and services Exports of goods Exports of services

Income Compensation of employees Investment income Total income Current transfers Central government Other sectors Total current transfers Total

FHDM FHIB

4 000 8 917

4 087 12 323

879 2 341

992 2 249

1 096 2 225

1 102 2 604

985 2 957

1 010 4 236

990 2 526

1 131 2 665

958 2 929

IKBN

12 917

16 410

3 220

3 241

3 321

3 706

3 942

5 246

3 516

3 796

3 887

HBON

453 812 526 858 110 877 113 505 122 024 122 771 131 100 132 658 140 329 152 437 159 369

BOKH IKBC

251 770 280 370 81 899 88 290

62 384 20 053

63 747 20 477

65 613 21 422

65 189 21 975

67 795 21 827

72 363 22 157

75 023 22 331

Total imports of goods and services IKBI

333 669 368 660

82 437

84 224

87 035

87 164

89 622

94 520

97 354 107 248 110 388

IJAI HBOL

1 100 1 146 114 505 156 006

264 26 986

278 29 844

289 31 404

298 33 438

272 36 286

283 40 225

293 46 057

301 46 769

289 49 193

HBOI

115 605 157 152

27 250

30 122

31 693

33 736

36 558

40 508

46 350

47 070

49 482

Debits Imports of goods and services Imports of goods Imports of services

Income Compensation of employees Investment income Total income Current transfers Central government Other sectors Total current transfers Total

83 870 23 378

86 902 23 486

FLUD FLUZ

12 304 11 562

13 423 15 014

2 785 2 874

3 143 2 905

3 381 2 957

3 697 3 412

3 209 3 289

3 233 5 039

3 284 3 274

3 479 3 369

2 984 3 501

IKBO

23 866

28 437

5 659

6 048

6 338

7 109

6 498

8 272

6 558

6 848

6 485

HBOO

473 140 554 249 115 346 120 394 125 066 128 009 132 678 143 300 150 262 161 166 166 355

BOKI IKBD

–60 893 –68 676 –15 247 –15 529 –16 170 –16 148 –15 839 –18 099 –18 590 –21 182 –19 826 25 918 23 377 6 840 6 493 6 705 5 815 6 658 4 108 6 796 6 873 6 442

IKBJ

–34 975 –45 299

Balances Trade in goods and services Trade in goods Trade in services Total trade in goods and services Income Compensation of employees Investment income Total income Current transfers Central government Other sectors Total current transfers Current balance

–8 407

–9 036

–9 465 –10 333

–9 181 –13 991 –11 794 –14 309 –13 384

IJAJ HBOM

71 26 525

65 29 870

32 6 345

17 4 937

7 9 433

5 8 493

30 10 129

18 6 357

12 4 891

– 8 632

22 8 974

HBOJ

26 596

29 935

6 377

4 954

9 440

8 498

10 159

6 375

4 903

8 632

8 996

FNSV FNTC

–8 304 –2 645

–9 336 –2 691

–1 906 –533

–2 151 –656

–2 285 –732

–2 595 –808

–2 224 –332

–2 223 –803

–2 294 –748

–2 348 –704

–2 026 –572

IKBP

–10 949 –12 027

–2 439

–2 807

–3 017

–3 403

–2 556

–3 026

–3 042

–3 052

–2 598

HBOP

–19 328 –27 391

–4 469

–6 889

–3 042

–5 238

–1 578 –10 642

–9 933

–8 729

–6 986

Balances as a percentage of GDP1 Trade in goods and services Trade in goods Trade in services

D28J D28K

–5.2 2.2

–5.6 1.9

–5.2 2.3

–5.2 2.2

–5.4 2.2

–5.4 1.9

–5.2 2.2

–5.9 1.3

–6.0 2.2

–6.7 2.2

–6.2 2.0

Total trade in goods and services

D28L

–3.0

–3.7

–2.9

–3.1

–3.2

–3.4

–3.0

–4.6

–3.8

–4.6

–4.2

Total income

D28M

2.3

2.4

2.2

1.7

3.1

2.8

3.3

2.1

1.6

2.7

2.8

Total current transfers

D28N

–0.9

–1.0

–0.8

–0.9

–1.0

–1.1

–0.8

–1.0

–1.0

–1.0

–0.8

AA6H

–1.6

–2.2

–1.5

–2.3

–1.0

–1.7

–0.5

–3.5

–3.2

–2.8

–2.2

Current balance as percentage of GDP

1 Using series YBHA: GDP at current market prices

C

Current account: Transactions with the European Union (EU) and with non-EU countries Seasonally adjusted £ million 2004

2005

2004 Q2

2004 Q3

2004 Q4

2005 Q1

2005 Q2

2005 Q3

2005 Q4

2006 Q1

2006 Q2

Transactions with the European Union 1 2 Credits Exports of goods Exports of services

LGCK A8K7

110 883 120 701 27 236 28 002 28 812 28 703 29 051 43 997 45 475 11 311 11 187 11 224 11 292 11 134

30 580 32 367 11 142 11 907

38 615 11 916

42 937 11 287

Total exports of goods and services

A8K2

154 880 166 176 38 547 39 189 40 036 39 995 40 185

41 722 44 274

50 531

54 224

Income Current transfers

AA59 A8JG

76 891 13 970 14 739 16 432 17 702 19 262 10 048 2 156 2 223 2 406 2 668 2 674

19 320 20 607 2 207 2 499

22 627 2 688

24 219 2 382

58 520 8 999

Total

AA5F

222 399 253 115 54 673 56 151 58 874 60 365 62 121

63 249 67 380

75 846

80 825

Debits Imports of goods Imports of services

LGDC A8MT

141 610 157 424 35 382 35 229 36 644 36 931 38 055 43 749 47 364 10 891 11 074 11 028 12 117 11 875

40 335 42 103 11 615 11 757

49 489 12 059

52 297 12 213

Total imports of goods and services

A8MO

185 359 204 788 46 273 46 303 47 672 49 048 49 930

51 950 53 860

61 548

64 510

Income Current transfers

AA5G A8M4

65 810 12 332 13 485 13 773 14 614 15 577 15 576 3 348 3 621 3 293 4 648 3 615

16 994 18 625 3 791 3 522

18 420 4 047

18 022 3 311

51 069 13 793

Total

AA5M

250 221 286 174 61 953 63 409 64 738 68 310 69 122

72 735 76 007

84 015

85 843

Balances Trade in goods Trade in services

LGCG A8NK

–30 727 –36 723 –8 146 –7 227 –7 832 –8 228 –9 004 248 –1 889 420 113 196 –825 –741

–9 755 –9 736 –10 874 –473 150 –143

–9 360 –926

Total trade in goods and services

A8NF

–30 479 –38 612 –7 726 –7 114 –7 636 –9 053 –9 745 –10 228 –9 586 –11 017 –10 286

Income Current transfers

AA5N A8N5

Total

AA5T

7 451 –4 794

11 081 1 638 1 254 –5 528 –1 192 –1 398

2 659 3 088 –887 –1 980

3 685 –941

2 326 1 982 –1 584 –1 023

4 207 –1 359

6 197 –929

–27 822 –33 059 –7 280 –7 258 –5 864 –7 945 –7 001

–9 486 –8 627

–8 169

–5 018

90 993 19 901 20 216 20 631 20 338 22 905 66 192 15 582 15 783 16 903 16 498 17 351

23 684 24 066 15 123 17 220

24 073 18 335

24 139 18 641

Transactions with non-EU countries 3 Credits Exports of goods Exports of services

LGDY A8QV

79 994 63 820

Total exports of goods and services

A8QT

143 814 157 185 35 483 35 999 37 534 36 836 40 256

38 807 41 286

42 408

42 780

Income Current transfers

AA66 A8QP

83 681 110 196 19 657 20 337 24 701 24 532 27 455 3 918 6 362 1 064 1 018 915 1 038 1 268

27 563 30 646 3 039 1 017

33 075 1 108

34 259 1 505

Total

AA6A

231 413 273 743 56 204 57 354 63 150 62 406 68 979

69 409 72 949

76 591

78 544

Debits Imports of goods Imports of services

LGER A8RT

110 160 122 946 27 002 28 518 28 969 28 258 29 740 38 150 40 926 9 162 9 403 10 394 9 858 9 952

32 028 32 920 10 542 10 574

34 381 11 319

34 605 11 273

Total imports of goods and services

A8RR

148 310 163 872 36 164 37 921 39 363 38 116 39 692

42 570 43 494

45 700

45 878

Income Current transfers

AA6C A8RN

91 342 14 918 16 637 17 920 19 122 20 981 12 861 2 311 2 427 3 045 2 461 2 883

23 514 27 725 4 481 3 036

28 650 2 801

31 460 3 174

77 151

80 512

64 536 10 073

Total

AA6G

222 919 268 075 53 393 56 985 60 328 59 699 63 556

70 565 74 255

Balances Trade in goods Trade in services

LGDT A8S5

–30 166 –31 953 –7 101 –8 302 –8 338 –7 920 –6 835 25 670 25 266 6 420 6 380 6 509 6 640 7 399

–8 344 –8 854 –10 308 –10 466 4 581 6 646 7 016 7 368

Total trade in goods and services

A8S3

–4 496

–6 687

564

–3 763 –2 208

–3 292

–3 098

Income Current transfers

AA6M A8RX

19 145 –6 155

18 854 4 739 3 700 6 781 5 410 6 474 –6 499 –1 247 –1 409 –2 130 –1 423 –1 615

4 049 2 921 –1 442 –2 019

4 425 –1 693

2 799 –1 669

AA6O

8 494

–1 156 –1 306

–560

–1 968

Total

5 668

1 EU presented on an EU25 basis. 2 Includes transactions with European Union institutions. 3 Includes transactions with international organisations other than European Union institutions.

–681 –1 922 –1 829 –1 280

2 811

369

2 822

2 707

5 423

D

Summary of international investment position, financial account and investment income Not seasonally adjusted £billion 2004

2005

2004 Q2

2004 Q3

2004 Q4

2005 Q1

2005 Q2

2005 Q3

2005 Q4

2006 Q1

2006 Q2

HBWD HHZZ HLXV LTEB

689.0 1 092.3 2 156.2 23.3

753.2 1 331.2 2 726.0 24.7

674.0 981.7 2 102.5 21.7

685.6 1 024.1 2 145.1 22.0

689.0 1 092.3 2 156.2 23.3

712.5 1 108.2 2 365.3 22.4

713.6 1 170.7 2 513.1 23.4

737.6 1 255.3 2 653.8 24.0

753.2 1 331.2 2 726.0 24.7

728.3 1 415.7 3 041.0 24.6

723.5 1 387.1 2 940.7 24.6

HBQA

3 960.7

4 835.1

3 780.0

3 876.9

3 960.7

4 208.4

4 420.9

4 670.7

4 835.1

5 209.6

5 075.9

-HJYP -HHZC -ZPNN -XBMM -LTCV

53.8 140.9 7.9 325.6 0.2

56.5 159.8 2.5 495.2 0.7

13.6 –0.2 4.0 65.1 –0.6

19.4 47.6 1.3 18.8 –0.1

3.2 47.5 –1.9 35.9 1.4

25.1 27.1 –0.3 219.6 –0.5

6.0 52.0 1.2 111.1 0.5

12.2 48.2 1.6 114.6 0.4

13.2 32.6 – 49.9 0.3

9.6 54.6 6.0 309.0 –0.5

2.4 43.6 2.9 –17.5 –0.2

-HBNR

528.3

714.7

81.9

87.1

86.1

271.0

170.7

177.0

96.0

378.7

31.2

HJYW HLYX AIOP HHCB

64.4 36.7 39.2 0.7

79.1 45.3 60.8 0.7

15.0 9.9 9.2 0.2

16.3 8.8 10.2 0.2

19.1 9.4 11.4 0.2

17.7 10.2 12.5 0.2

20.7 12.5 14.3 0.2

20.2 11.1 15.9 0.2

20.5 11.4 18.2 0.2

20.2 12.8 20.7 0.2

22.0 14.5 22.8 0.2

HMBN

141.0

185.9

34.3

35.5

40.1

40.6

47.6

47.4

50.3

53.9

59.5

HBWI HLXW HLYD

384.4 1 177.8 2 509.4

472.0 1 416.8 3 117.3

365.5 1 101.5 2 403.3

371.6 1 140.7 2 478.8

384.4 1 177.8 2 509.4

396.7 1 231.2 2 696.5

408.7 1 302.5 2 870.6

474.9 1 344.7 3 017.4

472.0 1 416.8 3 117.3

502.7 1 493.6 3 433.6

518.9 1 486.9 3 337.0

HBQB

4 071.6

5 006.1

3 870.3

3 991.1

4 071.6

4 324.4

4 581.9

4 837.0

5 006.1

5 429.9

5 342.8

HJYU HHZF XBMN

42.4 87.2 404.3

87.7 125.6 520.0

7.6 12.0 71.7

9.1 16.5 63.1

16.4 8.9 61.0

12.5 54.2 199.0

12.1 27.4 134.2

65.9 8.2 118.7

–2.8 35.8 68.1

30.5 39.2 306.1

16.2 28.0 –1.1

HBNS

534.0

733.3

91.2

88.7

86.3

265.7

173.7

192.8

101.1

375.9

43.1

HJYX HLZC HLZN

27.9 36.4 50.2

34.6 44.1 77.3

7.0 11.0 11.7

6.8 9.4 13.1

8.1 8.9 14.5

6.5 9.3 16.3

7.3 12.8 18.4

8.5 11.2 20.0

12.3 10.9 22.7

8.5 11.2 25.6

8.6 13.8 28.4

HMBO

114.5

156.0

29.8

29.4

31.5

32.0

38.4

39.7

45.8

45.3

50.8

HBWQ CGNH CGNG LTEB

304.6 –85.5 –353.2 23.3

281.2 –85.6 –391.2 24.7

308.5 –119.9 –300.7 21.7

314.0 –116.6 –333.7 22.0

304.6 –85.5 –353.2 23.3

315.8 –123.0 –331.2 22.4

304.9 –131.8 –357.5 23.4

262.7 –89.4 –363.7 24.0

281.2 –85.6 –391.2 24.7

225.6 –77.9 –392.6 24.6

204.6 –99.8 –396.2 24.6

HBQC

–110.9

–170.9

–90.4

–114.2

–110.9

–116.0

–161.0

–166.4

–170.9

–220.3

–266.9

HJYV HHZD ZPNN HHYR LTCV

–11.4 –53.6 –7.9 78.7 –0.2

31.2 –34.2 –2.5 24.8 –0.7

–6.1 12.2 –4.0 6.6 0.6

–10.3 –31.2 –1.3 44.3 0.1

13.2 –38.6 1.9 25.1 –1.4

–12.6 27.1 0.3 –20.6 0.5

6.1 –24.6 –1.2 23.1 –0.5

53.7 –40.0 –1.6 4.1 –0.4

–16.0 3.2 – 18.2 –0.3

20.9 –15.4 –6.0 –2.9 0.5

13.9 –15.6 –2.9 16.4 0.2

HBNT

5.6

18.6

9.4

1.7

0.1

–5.4

3.0

15.8

5.1

–2.9

11.9

HJYE HLZX CGNA HHCB

36.5 0.3 –11.0 0.7

44.6 1.2 –16.5 0.7

8.0 –1.1 –2.5 0.2

9.5 –0.6 –2.9 0.2

11.0 0.5 –3.1 0.2

11.2 1.0 –3.8 0.2

13.4 –0.3 –4.1 0.2

11.7 –0.1 –4.1 0.2

8.3 0.6 –4.5 0.2

11.7 1.5 –4.9 0.2

13.4 0.7 –5.7 0.2

HMBM

26.5

29.9

4.5

6.1

8.6

8.5

9.2

7.7

4.5

8.6

8.6

Investment abroad International Investment Position Direct investment Portfolio investment Other investment Reserve assets Total Financial Account transactions Direct investment Portfolio investment Financial derivatives (net) Other investment Reserve assets Total Investment income earnings Direct investment Portfolio investment Other investment Reserve assets Total Investment in the UK International Investment Position Direct investment Portfolio investment Other investment Total Financial Account transactions Direct investment Portfolio investment Other investment Total Investment income Direct investment Portfolio investment Other investment Total Net investment International Investment Position Direct investment Portfolio investment Other investment Reserve assets Net investment Financial Accounts transactions Direct investment Portfolio investment Financial derivatives Other investment Reserve assets Net transactions Investment income earnings Direct investment Portfolio investment Other investment Reserve assets Net earnings

E

Trade in goods Seasonally adjusted £ million 2004

2005

2004 Q2

2004 Q3

2004 Q4

2005 Q1

2005 Q2

2005 Q3

2005 Q4

2006 Q1

2006 Q2

BOPL BOPM ELBL BOQI BOPO BOPP BOQL

10 578 3 771 16 200 1 685 56 466 101 296 881

10 651 3 981 19 801 1 703 59 908 114 529 1 121

2 741 921 3 740 430 13 829 25 280 196

2 611 995 4 073 530 14 229 25 573 207

2 663 988 4 701 383 14 520 25 920 268

2 653 959 4 504 362 14 716 25 634 213

2 718 986 4 689 510 14 768 28 074 211

2 676 1 029 5 128 431 15 126 29 593 281

2 604 1 007 5 480 400 15 298 31 228 416

2 655 1 110 5 725 528 15 507 36 820 343

2 730 1 213 6 327 614 16 451 39 464 277

BOKG

190 877

211 694

47 137

48 218

49 443

49 041

51 956

54 264

56 433

62 688

67 076

BQAR BQAS ENXO BPBI BQAU BQAV BQAW

22 147 6 340 15 307 2 240 60 226 143 703 1 807

23 693 6 768 21 988 3 932 62 668 159 481 1 840

5 549 1 563 3 807 456 14 506 36 051 452

5 585 1 598 4 048 578 15 514 35 998 426

5 629 1 607 4 466 692 15 845 36 886 488

5 782 1 607 4 183 928 15 614 36 640 435

5 963 1 647 5 024 845 15 426 38 381 509

5 926 1 773 6 654 747 15 571 41 269 423

6 022 1 741 6 127 1 412 16 057 43 191 473

6 206 1 867 6 716 1 827 16 698 50 010 546

6 192 1 896 6 829 1 135 16 983 53 359 508

BOKH

251 770

280 370

62 384

63 747

65 613

65 189

67 795

72 363

75 023

83 870

86 902

ELBE ELBF ENXQ ENIW ELBH ELBI BQKX

–11 569 –2 569 893 –555 –3 760 –42 407 –926

–13 042 –2 787 –2 187 –2 229 –2 760 –44 952 –719

–2 808 –642 –67 –26 –677 –10 771 –256

–2 974 –603 25 –48 –1 285 –10 425 –219

–2 966 –619 235 –309 –1 325 –10 966 –220

–3 129 –648 321 –566 –898 –11 006 –222

–3 245 –661 –335 –335 –658 –10 307 –298

–3 250 –744 –1 526 –316 –445 –11 676 –142

–3 418 –734 –647 –1 012 –759 –11 963 –57

–3 551 –757 –991 –1 299 –1 191 –13 190 –203

–3 462 –683 –502 –521 –532 –13 895 –231

BOKI

–60 893

–68 676

–15 247

–15 529

–16 170

–16 148

–15 839

–18 099

–18 590

–21 182

–19 826

Exports Food, beverages and tobacco Basic materials Oil Other fuels Semi-manufactured goods Finished manufactured goods Unspecified goods Total Imports Food, beverages and tobacco Basic materials Oil Other fuels Semi-manufactured goods Finished manufactured goods Unspecified goods Total Balances Food, beverages and tobacco Basic materials Oil Other fuels Semi-manufactured goods Finished manufactured goods Unspecified goods Total

F

Trade in services Seasonally adjusted £ million 2004

2005

2004 Q2

2004 Q3

2004 Q4

2005 Q1

2005 Q2

2005 Q3

2005 Q4

2006 Q1

2006 Q2

FKOA FAPO FDQP FDSG FDTF FDYI FDYQ FEBA FEHH FGXJ FGZA

16 373 15 414 2 933 303 4 965 20 281 6 373 6 704 30 305 2 145 2 021

18 162 16 868 3 036 522 1 578 23 259 5 832 7 313 31 146 1 966 1 985

4 056 3 839 716 71 1 404 5 150 1 687 1 688 7 282 509 491

4 116 3 903 652 84 1 400 4 793 1 749 1 662 7 593 533 485

4 278 4 031 811 83 948 5 176 1 639 1 687 8 356 610 508

4 422 4 230 761 131 1 097 5 521 1 266 1 802 7 545 525 490

4 468 4 274 805 145 831 5 844 1 559 1 788 7 806 481 484

4 519 3 986 730 126 –1 135 5 886 1 554 1 871 7 748 467 513

4 753 4 378 740 120 785 6 008 1 453 1 852 8 047 493 498

4 712 4 382 775 106 843 7 050 1 478 2 230 7 680 462 533

4 290 4 484 726 109 869 7 037 1 479 2 219 7 715 448 552

IKBB

107 817

111 667

26 893

26 970

28 127

27 790

28 485

26 265

29 127

30 251

29 928

FHME APQL FIND FIOU FIPT FITY FIUG FIVX FIWF FLQJ FLSA

18 671 30 873 2 372 142 830 3 982 2 012 5 007 14 547 904 2 559

20 186 32 806 2 664 455 880 4 866 2 110 4 986 16 005 788 2 544

4 674 7 582 575 24 206 992 450 1 162 3 591 211 586

4 759 7 803 613 50 209 957 485 1 227 3 497 224 653

4 796 8 035 594 45 214 1 120 579 1 344 3 753 243 699

4 993 8 288 669 78 215 1 206 519 1 239 3 940 253 575

5 020 8 205 677 103 225 1 156 624 1 204 3 932 190 491

5 026 8 135 706 141 213 1 254 477 1 247 4 077 167 714

5 147 8 178 612 133 227 1 250 490 1 296 4 056 178 764

5 264 8 496 636 60 227 1 275 618 1 465 4 528 207 602

5 115 8 575 592 41 227 1 380 603 1 445 4 496 203 809

IKBC

81 899

88 290

20 053

20 477

21 422

21 975

21 827

22 157

22 331

23 378

23 486

FLYS FNGY FNIT FNJM FNKF FNLQ FNLY FNMR FNMZ FNRB FNRU

–2 298 –15 459 561 161 4 135 16 299 4 361 1 697 15 758 1 241 –538

–2 024 –15 938 372 67 698 18 393 3 722 2 327 15 141 1 178 –559

–618 –3 743 141 47 1 198 4 158 1 237 526 3 691 298 –95

–643 –3 900 39 34 1 191 3 836 1 264 435 4 096 309 –168

–518 –4 004 217 38 734 4 056 1 060 343 4 603 367 –191

–571 –4 058 92 53 882 4 315 747 563 3 605 272 –85

–552 –3 931 128 42 606 4 688 935 584 3 874 291 –7

–507 –4 149 24 –15 –1 348 4 632 1 077 624 3 671 300 –201

–394 –3 800 128 –13 558 4 758 963 556 3 991 315 –266

–552 –4 114 139 46 616 5 775 860 765 3 152 255 –69

–825 –4 091 134 68 642 5 657 876 774 3 219 245 –257

IKBD

25 918

23 377

6 840

6 493

6 705

5 815

6 658

4 108

6 796

6 873

6 442

Exports Transportation Travel Communications Construction Insurance Financial Computer and information Royalties and license fees Other business Personal, cultural and recreational Government Total Imports Transportation Travel Communications Construction Insurance Financial Computer and information Royalties and license fees Other business Personal, cultural and recreational Government Total Balances Transportation Travel Communications Construction Insurance Financial Computer and information Royalties and license fees Other business Personal, cultural and recreational Government Total

G

Income Seasonally adjusted £ million 2004

2005

2004 Q2

2004 Q3

2004 Q4

2005 Q1

2005 Q2

2005 Q3

2005 Q4

2006 Q1

2006 Q2

1 211

296

295

296

303

302

301

305

301

311

Credits Compensation of employees

IJAH

1 171

Investment income Earnings on direct investment abroad

CNZQ

64 442

79 146 14 799 15 493 19 419 18 794 20 357 19 313 20 682 21 418 21 724

CGDT CGDU

11 220 25 489

12 797 32 477

2 903 6 288

2 804 6 104

3 017 6 820

CGDV

36 709

45 274

9 191

8 908

9 837 10 511 11 622 11 210 11 931 13 079 13 509

Earnings on other investment abroad Earnings on reserve assets

CGDW HHCC

39 174 705

60 797 659

9 165 10 208 11 402 12 458 14 274 15 896 18 169 20 739 22 768 176 172 179 168 162 163 166 165 166

Total investment income

HBOK

141 030 185 876 33 331 34 781 40 837 41 931 46 415 46 582 50 948 55 401 58 167

HBOH

142 201 187 087 33 627 35 076 41 133 42 234 46 717 46 883 51 253 55 702 58 478

Earnings on portfolio investment abroad Earnings on equity securities Earnings on debt securities Total portfolio investment

Total

3 135 7 376

3 249 8 373

3 058 8 152

3 355 8 576

3 644 3 490 9 435 10 019

Debits Compensation of employees

IJAI

1 100

1 146

264

278

289

298

272

Investment income Foreign earnings on direct investment in the UK

CNZR

27 936

34 574

6 696

7 271

7 727

6 769

Foreign earnings on portfolio investment in the UK HGOT Earnings on equity securities CGDX Earnings on debt securities

14 002 22 379

14 827 29 262

3 281 5 312

3 641 5 861

3 003 6 202

3 605 6 703

CGDZ

36 381

44 089

8 593

9 502

9 205 10 308 10 963 11 280 11 538 12 359 12 132

Earnings on other investment in the UK

CGEB

50 188

77 343 11 697 13 071 14 472 16 361 18 341 19 948 22 693 25 665 28 421

Total investment income

HBOL

114 505 156 006 26 986 29 844 31 404 33 438 36 286 40 225 46 057 46 769 49 193

HBOI

115 605 157 152 27 250 30 122 31 693 33 736 36 558 40 508 46 350 47 070 49 482

Total portfolio investment

Total

283

293

301

289

6 982

8 997 11 826

8 745

8 640

3 754 7 209

3 826 7 454

4 080 8 279

3 666 8 466

3 642 7 896

Balances Compensation of employees

IJAJ

71

65

32

Investment income Direct investment

CVWX

36 506

44 572

8 103

8 222 11 692 12 025 13 375 10 316

8 856 12 673 13 084

CGEC CGED

–2 782 3 110

–2 030 3 215

–378 976

–837 243

14 618

–470 673

–505 1 164

–768 698

–287 680

–436 1 156

–176 1 553

CGEE

328

1 185

598

–594

632

203

659

–70

393

720

1 377

Portfolio investment Earnings on equity securities Earnings on debt securities Total portfolio investment Other investment Reserve assets

CGFF HHCC

17

7

5

30

18

12

–

22

–11 014 –16 546 –2 532 –2 863 –3 070 –3 903 –4 067 –4 052 –4 524 –4 926 –5 653 705 659 176 172 179 168 162 163 166 165 166

Total investment income

HBOM

26 525

29 870

6 345

4 937

9 433

8 493 10 129

6 357

4 891

8 632

8 974

Total

HBOJ

26 596

29 935

6 377

4 954

9 440

8 498 10 159

6 375

4 903

8 632

8 996

H

Current transfers Seasonally adjusted £ million 2004

2005

2004 Q2

2004 Q3

2004 Q4

2005 Q1

2005 Q2

2005 Q3

2005 Q4

2006 Q1

2006 Q2

FKKM GTTA CGDN

3 592 12 396

3 655 13 419

780 3 96

889 2 101

988 3 105

996 3 103

878 4 103

903 2 105

878 4 108

1 016 5 110

849 2 107

FHDM

4 000

4 087

879

992

1 096

1 102

985

1 010

990

1 131

958

HHAD ZXIA FHHS CGDO

433 2 909 2 5 573

900 3 293 – 8 130

165 737 – 1 439

147 738 – 1 364

106 738 – 1 381

275 737 – 1 592

445 852 – 1 660

35 852 – 3 349

145 852 – 1 529

115 852 – 1 698

114 883 – 1 932

FHIB

8 917

12 323

2 341

2 249

2 225

2 604

2 957

4 236

2 526

2 665

2 929

IKBN

12 917

16 410

3 220

3 241

3 321

3 706

3 942

5 246

3 516

3 796

3 887

Central government Payments to EU institutions GNP:4th resource GNP adjustments Other Other payments

HCSP HCSN FLMT CGDP

7 565 –16 –3 4 758

8 597 135 106 4 585

1 788 – 1 996

1 924 – 2 1 217

1 953 –16 –8 1 452

2 720 – 2 975

1 994 – – 1 215

2 051 – 19 1 163

1 832 135 85 1 232

2 202 – 5 1 272

1 751 – 1 1 232

Total central government

FLUD

12 304

13 423

2 785

3 143

3 381

3 697

3 209

3 233

3 284

3 479

2 984

Other sectors Payments to EU institutions Other payments

CGDR CGDS

3 959 7 603

4 260 10 754

936 1 938

1 031 1 874

1 040 1 917

1 104 2 308

1 014 2 275

1 049 3 990

1 093 2 181

1 089 2 280

977 2 524

FLUZ

11 562

15 014

2 874

2 905

2 957

3 412

3 289

5 039

3 274

3 369

3 501

IKBO

23 866

28 437

5 659

6 048

6 338

7 109

6 498

8 272

6 558

6 848

6 485

FNSV FNTC

–8 304 –2 645

–9 336 –2 691

–1 906 –533

–2 151 –656

–2 285 –732

–2 595 –808

–2 224 –332

–2 223 –803

–2 294 –748

–2 348 –704

–2 026 –572

Total

IKBP

–10 949

–12 027

–2 439

–2 807

–3 017

–3 403

–2 556

–3 026

–3 042

–3 052

–2 598

Of which: EU institutions

GTTB

–4 557

–5 237

–1 040

–1 181

–1 134

–1 815

–829

–1 327

–1 266

–1 308

–881

Credits Central government Receipts from EU Institutions: Abatement Other EU receipts Other receipts Total central government Other sectors Receipts from EU Institutions: Social fund Agricultural guarantee fund ECSC Grant Other receipts Total other sectors Total

Debits

Total other sectors Total

Balances Central government Other sectors

I

Capital account Seasonally adjusted £ million 2004

2005

2004 Q2

2004 Q3

2004 Q4

2005 Q1

2005 Q2

2005 Q3

2005 Q4

2006 Q1

2006 Q2

FHIV FHJA

– –

– –

– –

– –

– –

– –

– –

– –

– –

– –

– –

FHIU

–

–

–

–

–

–

–

–

–

–

–

FHJC FHJD

2 298 –

2 491 –

571 –

581 –

589 –

601 –

617 –

624 –

649 –

661 –

674 –

GTTX FHJF EBGO

1 062 49 –

1 402 80 –

382 – –

20 7 –

165 20 –

482 3 –

363 30 –

80 1 –

477 46 –

285 8 –

81 2 –

GTTY

1 111

1 482

382

27

185

485

393

81

523

293

83

FHJB

3 409

3 973

953

608

774

1 086

1 010

705

1 172

954

757

Total capital transfers

FHIT

3 409

3 973

953

608

774

1 086

1 010

705

1 172

954

757

Sales of non-produced, non-financial assets

FHJL

193

214

53

31

54

66

76

29

43

34

85

FHLD

3 602

4 187

1 006

639

828

1 152

1 086

734

1 215

988

842

FLWD FLWH

13 390

16 408

2 101

5 93

2 101

5 90

2 106

7 105

2 107

6 127

1 115

FLWB

403

424

103

98

103

95

108

112

109

133

116

FLWJ

515

551

145

118

87

129

130

141

151

180

162

FLWL HMLY

– 109

– 107

– 29

– 29

– 29

– 29

– 26

– 26

– 26

– 26

– 2 320

Total debt forgiveness Other capital transfers

JCWM FLWQ

109 –

107 –

29 –

29 –

29 –

29 –

26 –

26 –

26 –

26 –

2 320 –

Total other sectors

FLWI

624

658

174

147

116

158

156

167

177

206

2 482

Total capital transfers

FLWA

1 027

1 082

277

245

219

253

264

279

286

339

2 598

Purchases of non-produced, non-financial assets

FLWT

512

682

128

128

148

190

231

139

122

194

181

FLYL

1 539

1 764

405

373

367

443

495

418

408

533

2 779

FNTM FNTN

–13 –390

–16 –408

–2 –101

–5 –93

–2 –101

–5 –90

–2 –106

–7 –105

–2 –107

–6 –127

–1 –115

FNTL

–403

–424

–103

–98

–103

–95

–108

–112

–109

–133

–116

FNTP FNTQ FNTR

1 783 –109 1 111

1 940 –107 1 482

426 –29 382

463 –29 27

502 –29 185

472 –29 485

487 –26 393

483 –26 81

498 –26 523

481 –26 293

512 –2 320 83

FNTO

2 785

3 315

779

461

658

928

854

538

995

748

–1 725

Total capital transfers

FNTK

2 382

2 891

676

363

555

833

746

426

886

615

–1 841

Non-produced, non-financial assets

FNTS

–319

–468

–75

–97

–94

–124

–155

–110

–79

–160

–96

FNVQ

2 063

2 423

601

266

461

709

591

316

807

455

–1 937

Credits Capital transfers Central government Debt forgiveness Other capital transfers Total central government Other sectors Migrants’ transfers Debt forgiveness EU Institutions: Regional development fund Agricultural guidance fund Other capital transfers Total EU institutions

Total other sectors

Total Debits Capital transfers Central government Debt forgiveness Other capital transfers (project grants) Total central government Other sectors Migrants’ transfers Debt Forgiveness Monetary financial institutions Public corporations

Total Balances Capital transfers Central government Debt forgiveness Other capital transfers Total central government Other sectors Migrants’ transfers Debt forgiveness Other capital transfers Total other sectors

Total

J

Financial Account Not seasonally adjusted £ million 2004

2005

2004 Q2

2004 Q3

2004 Q4

2005 Q1

2005 Q2

2005 Q3

2005 Q4

2006 Q1

2006 Q2

-HJYM -HDNY -HMAB

18 469 32 430 2 932

16 672 40 597 –730

4 529 7 725 1 355

9 563 9 916 –58

–4 10 522 –7 275

1 511 10 444 13 191

1 883 13 470 –9 390

6 469 7 614 –1 864

6 809 9 069 –2 667

-HJYP

53 831

56 539

13 609

19 421

3 243

25 146

5 963

12 219

13 211

9 557

2 359

-HBVI -XBMW

56 647 84 206

64 592 29 099 95 237 –29 297

17 450 30 199

6 146 41 354

–587 27 662

–2 002 53 961

57 709 –9 516

9 472 23 130

2 100 52 516

7 773 35 871

27 075

51 959

48 193

32 602

54 616

43 644

UK investment abroad (net debits) Direct investment abroad Equity capital Reinvested earnings Other capital transactions Total direct investment abroad Portfolio investment abroad Equity securities Debt securities Total portfolio investment abroad Financial derivatives (net) Other investment abroad Reserve assets Total

3 826 4 391 13 914 14 220 –8 183 –16 252

-HHZC

140 853 159 829

–198

47 649

47 500

-ZPNN -XBMM -LTCV

7 875 2 451 325 588 495 213 196 656

3 967 65 079 –595

1 278 18 771 –54

–1 874 –269 1 155 1 574 35 890 219 626 111 102 114 596 1 370 –533 527 376

–9 5 968 2 915 49 889 309 041 –17 474 286 –465 –210

-HBNR

528 343 714 688

81 862

87 065

86 129 271 045 170 706 176 958

95 979 378 717

31 234

Investment in the UK (net credits) Direct investment in the UK Equity capital Reinvested earnings Other capital transactions

HJYR CYFV HMAD

24 400 9 320 8 696

76 531 11 095 99

6 305 1 877 –624

3 709 3 545 1 887

12 123 968 3 334

6 361 2 184 3 966

2 260 2 942 6 887

HJYU

42 416

87 725

7 558

9 141

16 425

12 511

12 089

XBLW XBLX

–8 345 2 670 95 592 122 923

–3 835 15 846

–462 16 933

–605 9 469

HHZF

87 247 125 593

12 011

16 471

8 864

Other investment in the UK

XBMN

404 321 519 982

71 679

63 115

60 985 198 986 134 231 118 700

Total

HBNS

533 984 733 300

91 248

Direct investment Equity capital Reinvested earnings Other capital transactions

HBWN HBWT HBWU

5 931 59 859 –23 110 –29 502 5 764 829

1 776 –5 848 –1 979

Total net direct investment

HJYV

–11 415

–6 051 –10 280

HBWV HBWX

–64 992 –61 922 –32 934 –17 912 –6 751 11 386 27 686 45 143 –13 266 –31 885

7 633 4 174 –68 463 19 455 –28 737 28 468

HHZD

–53 606 –34 236

27 088 –24 563 –39 995

Total direct investment in the UK Portfolio investment in the UK Equity securities Debt securities Total portfolio investment in the UK

62 309 5 601 3 844 2 125 –244 –10 510

23 395 4 307 2 771

13 465 4 958 –2 198

65 909

–2 784

30 473

16 225

7 046 47 117

2 172 –10 754 25 224 18 952

4 206 31 630

–790 40 035

2 133 25 885

54 163

27 396

35 836

39 245

28 018

68 065 306 145

–1 111

88 727

86 274 265 660 173 716 192 807 101 117 375 863

43 132

–5 854 –6 371 1 945

12 127 –9 554 10 609

8 198

Net transactions (net credits less net debits)

Portfolio investment Equity securities Debt securities Total net portfolio investment Financial derivatives Other investment Reserve assets Total

31 186

13 182 –12 635

12 209 –31 178 –38 636

ZPNN HHYR LTCV

–7 875 78 733 –196

–2 451 24 769 –656

–3 967 6 600 595

–1 278 44 344 54

HBNT

5 641

18 612

9 386

1 662

4 850 377 –8 260 –10 528 –9 225 16 277

1 874 269 25 095 –20 640 –1 370 533 145

–5 385

6 126

55 840 –3 770 1 620

–1 208 –6 944 –7 843

19 569 –9 607 10 954

9 074 –9 262 14 054

53 690 –15 995

20 916

13 866

–5 266 –2 890 8 500 –12 481

–5 640 –9 986

3 234 –15 371 –15 626

–1 155 23 129 –527

–1 574 4 104 –376

9 18 176 –286

–5 968 –2 896 465

–2 915 16 363 210

3 010

15 849

5 138

–2 854

11 898

K

International Investment Position Balance sheets valued at end of period: Not seasonally adjusted £billion 2004

2005

2004 Q2

2004 Q3

2004 Q4

2005 Q1

2005 Q2

2005 Q3

2005 Q4

2006 Q1

2006 Q2

CGMO HBUW

664.2 24.7

727.3 25.8

642.2 31.9

652.8 32.8

664.2 24.7

675.0 37.5

684.8 28.8

709.6 28.0

727.3 25.8

711.0 17.4

721.7 1.8

HBWD

689.0

753.2

674.0

685.6

689.0

712.5

713.6

737.6

753.2

728.3

723.5

HEPX HHZX

455.3 637.0

576.5 754.7

404.3 577.4

412.4 611.6

455.3 637.0

446.2 662.1

452.1 718.6

535.9 719.3

576.5 754.7

607.9 807.8

576.6 810.5

HHZZ

1 092.3

1 331.2

981.7

1 024.1

1 092.3

1 108.2

1 170.7

1 255.3

1 331.2

1 415.7

1 387.1

HLXV LTEB

2 156.2 23.3

2 726.0 24.7

2 102.5 21.7

2 145.1 22.0

2 156.2 23.3

2 365.3 22.4

2 513.1 23.4

2 653.8 24.0

2 726.0 24.7

3 041.0 24.6

2 940.7 24.6

HBQA

3 960.7

4 835.1

3 780.0

3 876.9

3 960.7

4 208.4

4 420.9

4 670.7

4 835.1

5 209.6

5 075.9

HBUY HBVC

278.2 106.2

365.7 106.3

258.4 107.1

265.7 105.9

278.2 106.2

286.5 110.1

291.7 117.0

358.2 116.8

365.7 106.3

393.6 109.0

412.0 106.8

HBWI

384.4

472.0

365.5

371.6

384.4

396.7

408.7

474.9

472.0

502.7

518.9

HLXX HLXY

524.4 653.4

613.3 803.4

494.6 607.0

503.1 637.6

524.4 653.4

538.0 693.2

562.4 740.1

586.8 757.9

613.3 803.4

667.0 826.6

653.0 833.9

HLXW

1 177.8

1 416.8

1 101.5

1 140.7

1 177.8

1 231.2

1 302.5

1 344.7

1 416.8

1 493.6

1 486.9

HLYD

2 509.4

3 117.3

2 403.3

2 478.8

2 509.4

2 696.5

2 870.6

3 017.4

3 117.3

3 433.6

3 337.0

HBQB

4 071.6

5 006.1

3 870.3

3 991.1

4 071.6

4 324.4

4 581.9

4 837.0

5 006.1

5 429.9

5 342.8

HBSH CGKF

386.0 –81.4

361.6 –80.4

383.8 –75.3

387.1 –73.1

386.0 –81.4

388.4 –72.6

393.1 –88.2

351.5 –88.8

361.6 –80.4

317.3 –91.7

309.7 –105.1

HBWQ

304.6

281.2

308.5

314.0

304.6

315.8

304.9

262.7

281.2

225.6

204.6

CGNE CGNF

–69.1 –16.4

–36.8 –48.8

–90.3 –29.6

–90.7 –25.9

–69.1 –16.4

–91.8 –31.1

–110.3 –21.5

–50.9 –38.5

–36.8 –48.8

–59.1 –18.8

–76.5 –23.4

CGNH

–85.5

–85.6

–119.9

–116.6

–85.5

–123.0

–131.8

–89.4

–85.6

–77.9

–99.8

CGNG LTEB

–353.2 23.3

–391.2 24.7

–300.7 21.7

–333.7 22.0

–353.2 23.3

–331.2 22.4

–357.5 23.4

–363.7 24.0

–391.2 24.7

–392.6 24.6

–396.2 24.6

HBQC

–110.9

–170.9

–90.4

–114.2

–110.9

–116.0

–161.0

–166.4

–170.9

–220.3

–266.9

UK Assets Direct investment abroad Equity capital and reinvested earnings Other capital assets Total direct investment abroad Portfolio investment abroad Equity securities Debt securities Total portfolio investment abroad Other investment abroad Reserve assets Total

UK Liabilities Direct investment in the UK Equity capital and reinvested earnings Other capital liabilities Total direct investment in the UK Portfolio investment in the UK Equity securities Debt securities Total portfolio investment in the UK Other investment in the UK Total

Net International Investment Position Direct investment Equity capital and reinvested earnings Other capital Total net direct investment Portfolio investment Equity securities Debt securities Total net portfolio investment Other investment Reserve assets Total

R1

Summary of revisions since last Balance of Payments First Release Balances (net transactions) £ million 2004

2005

2004 Q1

2004 Q2

2004 Q3

2004 Q4

2005 Q1

2005 Q2

2005 Q3

2005 Q4

2006 Q1

BOKI IKBD

– –

–1 378 321

– –

– –

– –

– –

–109 25

–245 301

–333 146

–691 –151

–1 580 –167

IKBJ

–

–1 057

–

–

–

–

–84

56

–187

–842

–1 747

IJAJ HBOM

– –

–9 73

– –

– –

– –

– –

1 61

–4 –51

–4 60

–2 3

–3 1 086

HBOJ

–

64

–

–

–

–

62

–55

56

1

1 083

FNSV FNTC

– –

92 60

– –

– –

– –

– –

95 6

–10 8

–17 22

24 24

113 167

IKBP

–

152

–

–

–

–

101

–2

5

48

280

Current balance

HBOP

–

–841

–

–

–

–

79

–1

–126

–793

–384

Capital balance

FNVQ

–

21

–

–

–

–

–

5

3

13

–118

LQCT KTMS

– –

–1 378 321

– –

– –

– –

– –

–227 113

–366 134

–378 173

–407 –99

–1 655 20

KTMY

–

–1 057

–

–

–

–

–114

–232

–205

–506

–1 635

KTMP HMBM

– –

–9 73

– –

– –

– –

– –

– 18

–3 33

–4 38

–2 –16

–4 973

HMBP

–

64

–

–

–

–

18

30

34

–18

969

FJUQ FJUR

– –

92 60

– –

– –

– –

– –

3 –1

17 23

18 19

54 19

92 161

KTNF

–

152

–

–

–

–

2

40

37

73

253

Current balance

HBOG

–

–841

–

–

–

–

–94

–162

–134

–451

–413

Capital balance

FKMJ

–

21

–

–

–

–

–

4

4

13

–118

Direct investment Portfolio investment Financial derivatives Other investment Reserve assets

HJYV HHZD ZPNN HHYR LTCV

– – – – –

– –547 – 1 683 –

– – – – –

– – – – –

– – – – –

– – – – –

– –1 551 – 131 –

– 634 – –202 –

– –270 – 79 –

– 640 – 1 675 –

13 285 1 696 – –15 712 –

Net financial transactions

HBNT

–

1 136

–

–

–

–

–1 420

432

–191

2 315

–731

HHDH

–

–316

–

–

–

–

1 514

–274

321

–1 877

1 262

Seasonally adjusted Current account Trade in goods and services Trade in goods Trade in services Total trade Income Compensation of employees Investment income Total income Current transfers Central government Other sectors Total current transfers

Not seasonally adjusted Current account Trade in goods and services Trade in goods Trade in services Total trade Income Compensation of employees Investment income Total income Current transfers Central government Other sectors Total current transfers

Financial account

Net errors and omissions1

1 This series represents net errors and omissions in the balance of payments accounts. It is the converse of the not seasonally adjusted current and capital balances (HBOG and FKMJ) and net financial account transactions (HBNT) and is required to balance these three accounts.

R2

Current account revisions since last Balance of Payments First Release Seasonally adjusted £ million 2004

2005

2004 Q1

2004 Q2

2004 Q3

2004 Q4

2005 Q1

2005 Q2

2005 Q3

2005 Q4

2006 Q1

BOKG IKBB

– –

519 544

– –

– –

– –

– –

–31 42

–328 248

425 233

453 21

2 351 308

IKBH

–

1 063

–

–

–

–

11

–80

658

474

2 659

IJAH HBOK

– –

– 50

– –

– –

– –

– –

1 5

–1 –1

– 21

– 25

1 317

HBOH

–

50

–

–

–

–

6

–2

21

25

318

FHDM FHIB

– –

16 81

– –

– –

– –

– –

–15 11

43 7

–7 37

–5 26

–13 56

IKBN

–

97

–

–

–

–

–4

50

30

21

43

HBON

–

1 210

–

–

–

–

13

–32

709

520

3 020

BOKH IKBC

– –

1 897 223

– –

– –

– –

– –

78 17

–83 –53

758 87

1 144 172

3 931 475

IKBI

–

2 120

–

–

–

–

95

–136

845

1 316

4 406

IJAI HBOL

– –

9 –23

– –

– –

– –

– –

– –56

3 50

4 –39

2 22

4 –769

HBOI

–

–14

–

–

–

–

–56

53

–35

24

–765

FLUD FLUZ

– –

–76 21

– –

– –

– –

– –

–110 5

53 –1

10 15

–29 2

–126 –111

IKBO

–

–55

–

–

–

–

–105

52

25

–27

–237

HBOO

–

2 051

–

–

–

–

–66

–31

835

1 313

3 404

BOKI IKBD

– –

–1 378 321

– –

– –

– –

– –

–109 25

–245 301

–333 146

–691 –151

–1 580 –167

IKBJ

–

–1 057

–

–

–

–

–84

56

–187

–842

–1 747

IJAJ HBOM

– –

–9 73

– –

– –

– –

– –

1 61

–4 –51

–4 60

–2 3

–3 1 086

HBOJ

–

64

–

–

–

–

62

–55

56

1

1 083

FNSV FNTC

– –

92 60

– –

– –

– –

– –

95 6

–10 8

–17 22

24 24

113 167

IKBP

–

152

–

–

–

–

101

–2

5

48

280

HBOP

–

–841

–

–

–

–

79

–1

–126

–793

–384

Trade in goods and services Trade in goods Trade in services

D28J D28K

– –

–0.1 –

– –

– –

– –

– –

–0.1 –

–0.1 0.1

–0.1 –

–0.3 –

–0.5 –

Total trade in goods and services

D28L

–

–0.1

–

–

–

–

–

–

–0.1

–0.3

–0.6

Total income

D28M

–

–

–

–

–

–

–

–0.1

–

–

0.3

Total current transfers

D28N

–

–

–

–

–

–

0.1

–

–

–

0.1

AA6H

–

–

–

–

–

–

0.1

–

–0.1

–0.3

–0.2

Credits Exports of goods and services Exports of goods Exports of services Total exports of goods and services Income Compensation of employees Investment income Total income Current transfers Central government Other sectors Total current transfers Total Debits Imports of goods and services Imports of goods Imports of services Total imports of goods and services Income Compensation of employees Investment income Total income Current transfers Central government Other sectors Total current transfers Total Balances Trade in goods and services Trade in goods Trade in services Total trade in goods and services Income Compensation of employees Investment income Total income Current transfers Central government Other sectors Total current transfers Current balance Balances as a percentage of GDP1

Current balance as percentage of GDP

1 Using series YBHA: GDP at current market prices