The UK's current account deficit hit 7 per cent of GDP in the same period, the highest percentage since records began in 1955.

The deficit in the three months to December was £32.7 billion, or 7 per cent of GDP, the ONS said.

That puts the deficit at £96.2 billion, or 5.2 per cent of GDP for the whole of 2015.

The current account deficit refers to the money coming in and going out of the UK economy. It's different from the government fiscal deficit, which is the difference between what the Government earns in taxes and its expenses. George Osborne has promised to cut the fiscal deficit by 2020 although that is looking increasingly unlikely.

A current account deficit can build up when the UK Government's investment abroad is significantly lower than other countries' investment in the UK. This could be either because the UK is not investing abroad or that we are too reliant on outsourcing infrastructure and industry here.

The current account deficit widened in the UK from £20.1 billion in the third quarter to £32.7 billion, in the fourth because there was an increase in the shortfall on investment income, which means the UK earned less on its holdings overseas.

Analysts have warned that the gap could increase further if the UK leaves the EU.

Meanwhile the UK economy grew more at the end of 2015 than thought.

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UK economic growth beat analysts expectations by growing 0.6 per cent in the last three months of 2015, higher than the previous estimate of 0.5 per cent, according to data from the Office of National Statistics.

The ONS said the revision was down to a stronger performance in the services sector and construction industry and a smaller contraction in industrial production.

Consumer spending helped boost the economy, with household spending up 0.6 per cent despite the fact that business investment declines and exports were flat.