Quarterly @ONS trade data is out this morning after Reeves plugged ‘free and open trade’ in last night’s Mansion House speech. But total trade fell this quarter in current prices – exports fell by 2.4% and imports by 1.6%. A short thread. @ONS In current prices, quarterly trade fell despite strong flows in August. Goods exports fell 3.7% to EU and 1.4% to non-EU (imports fell 3.1% and 2.7% respectively). Worryingly services exports fell 2.3% driven by a weak quarter for other business services.

Kickstarting economic growth is the first of the new Labour government’s missions and, as expected, played a leading role in the King’s Speech this morning from planning reform to pensions investment.

A thread... One key mechanism that this Government hopes will boost growth: house-building.

Full 2023 detailed services trade data from the @ONS is out today. Unlike goods trade (which fell 7% in current prices between 2022-2023), services trade posted another strong year (growing +17%).

...🧵 Comparing 2022 and 2023 in current prices, services imports grew by 19% from Non-EU and 23% from EU countries. Exports grew 13% to non-EU countries, and 16% to EU countries.

🚨Last year was the hottest on record. Britain urgently needs to decarbonise our infrastructure. But how can we both reach net zero and support low-to-middle income households? 1/x Our power sector is the basis for almost all other sectors to reach net zero. By 2040, Britain’s homes will consume 45 per cent more electricity than in 2025, while road transport electricity demand will increase 13-fold, as heat pumps and EVs become commonplace.