The problem was found in the collection of “non-monetary gold” data, which measures the amount of gold traded privately rather than used in jewellery

Britain’s trade deficit with the rest of the world is £6 billion larger than previously thought — and at a record high — because the nation’s beancounters made a mistake in their sums.

The Office for National Statistics yesterday admitted to a big “processing error” that meant it had miscalculated the value of everything that the country exports and imports for almost two years. For the three months to September, the correction catapulted the trade deficit from £11 billion to £17 billion, the worst since records began in 1955.

The error comes at a particularly sensitive time for the ONS and the trade series in particular, which is being watched closely for signs of an export revival after the fall in sterling since Brexit.

The