The improvement in Britain's trade position that will result from sterling's fall is not happening yet; indeed the movement so far is arguably in the opposite direction, though some of this could be the "J-curve" effect. The latest figures show that the overall trade deficit widened from £3.2 billion to £3.6 billion between December and January, while the deficit in goods alone increased from £7.2 billion to £7.7 billion. More details here.

This is a bad time to be an exporter. China's exports in January were down by a huge 25.7% in February. Britain's exports, by comparison, showed a 10.3% volume fall in the three months to January compared with a year earlier, while imports were down by 12%.