Despite the rhetoric on supporting exports and the Government’s objective of doubling exports, the OBR’s new forecasts provide a rather bleak outlook.

According to the OBR, net trade (or exports less imports) will contribute almost nothing to GDP growth each of the next five years.

What’s more, it expects the UK to lose global export market share.

Not quite, the high-tech, export led growth the UK needs to rebalance the economy.