The UK’s trade deficit narrowed sharply in December to its lowest since July 2012, according to the Office for National Statistics (ONS). The £2 billion fall was credited to an increase in exports for the oil, chemicals and aircraft industries and fewer imports. However, manufacturing output growth was 0.3%, half of what had been predicted. However, an ONS official said the difference was not enough to change the fourth-quarter GDP growth rate of 0.7%.