11. To ask the Minister of State, Department for Business, Enterprise and Regulatory Reform what recent assessment he has made of the reasons for the UK's balance of payments deficit. (242341)

The UK’s current account deficit was equivalent to 3 per cent. of GDP in the second quarter of 2008. As the pre-budget report made clear we expect the current account deficit to narrow in 2009 due to changes in relative levels of demand in the UK and overseas and changes in the value of sterling.