7 Referring to UK trade figures from recent years explain the composition of
the UK balance of payment.
Balance of payment:
Balance of payment is the name given to the record of transactions between the
residents of the country and the rest of the world over a period of time.
Structure of Balance of Payment (UK)
The Current Account concerns that income and expenditure and is divided into four
categories include that Trade in Goods, Trade in Services, Income and Current
Transfers.
The Capital Account: tracking Capital flows into and out of a country. Important part
of the capital account is non-productive capital transfers and acquisition of
non-financial assets to buy / sell.
The Financial Account: dealing with flow of direct portfolio and investment and
reserve assets and the International Investment Position
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