Part A: UK current account. Chart A.17 The UK current account deficit has widened in recent years Sources: ONS and Bank calculations. (a) Primary income.

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Presentation transcript:

Part A: UK current account

Chart A.17 The UK current account deficit has widened in recent years Sources: ONS and Bank calculations. (a) Primary income mainly consists of compensation of employees and net investment income. Secondary income consists of transfers. Decomposition of the UK current account (a)

Chart A.18 The UK net international investment position is not unusually low by international standards Sources: Eurostat, IMF World Economic Outlook, ONS and Bank calculations. Net international investment positions at end-2014

Table A.1 The composition of recent financing flows is not a major source of vulnerability Sources: ONS and Bank calculations. (a)This is the change in UK foreign liabilities, less the change in UK foreign assets, for each category of flow. The total net inward financing flow is equal in magnitude to the current account deficit (plus net errors and omissions). Financing flows behind the current account deficit, 2013–14

Chart A.19 The United Kingdom’s external liabilities are smaller than in 2008 Sources: ONS and Bank calculations. (a) Derivatives are not included. (b) Original maturity of greater than twelve months. (c) Monetary financial institutions (banks and building societies). (d) Other financial institutions (financial corporations excluding MFIs and insurance companies and pension funds). UK gross external liabilities by sector (a)

Chart A.20 Official data may overstate the recent growth of OFIs’ external borrowing Sources: Bank of England, BIS, ONS and Bank calculations. (a)Lending from non-resident banks to the whole UK economy, excluding UK-resident banks. It is not possible to construct a more granular breakdown of lending to the United Kingdom using BIS data. OFIs’ borrowing abroad compared with lending to UK non-banks reported by non-resident banks

Chart A.21 Broker-dealer currency mismatches are not growing significantly Sources: Regulatory returns and Bank calculations. (a)Broker-dealers include Citigroup Global Markets Limited, Credit Suisse International, Goldman Sachs International, Merrill Lynch International, Mitsubishi UFJ Securities International plc and Nomura International plc. (b) Positions at end-year. (c) Net derivatives are excluded. Net currency positions (assets less liabilities) of the largest UK-resident broker-dealers (a)(b)(c)