Main points

The deficit on the current account balance widened in 2014 to £92.9 billion. This deficit equated to 5.1% of gross domestic product (GDP) in current market prices. In both terms, this was the largest annual deficit since records began in 1948

In 2014, the deficit on trade in goods widened by £8.4 billion to £123.7 billion. The widening was due to a decrease in exports, partially offset by a smaller decrease in imports

The surplus in the trade in services balance widened by £8.1 billion, from £81.0 billion in 2013 to £89.1 billion in 2014

The deficit on the primary income balance widened from £16.8 billion in 2013 to £33.1 billion in 2014. The widening was mainly due to the surplus on direct investment falling from £18.8 billion in 2013 to £2.0 billion in 2014

The deficit on the secondary income balance narrowed by £1.6 billion, from £26.8 billion in 2013 to £25.2 billion in 2014

In 2014, the UK recorded a net inflow of £89.4 billion, an increase from a net inflow of £69.1 billion in 2013

The UK IIP showed a net liability position of £454.1 billion at the end of 2014, with reported assets totalling £10,171.7 billion and reported liabilities totalling £10,625.9 billion