Useful terms and expressions

• to allege (that) – заявлять, утверждать (что якобы)

• to endure – перенести, вынести, выдержать

• credit crunch – ограничение кредитования, кредитный кризис

• to shed jobs – сокращать рабочие места

• tax break – налоговые льготы, снижение налоговой ставки

• to uphold a complaint – поддержать, удовлетворить жалобу

• final ruling – окончательное решение (суда)

• to beckon – манить, привлекать

• to unclog – расчистить, прочистить

Texts for translation in writing

TEXT 5

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Uk Trade Deficit Shows Little Improvement

Britain's trade deficit narrowed slightly in November but showed little sign of significant improvement; an exception to the otherwise positive news on the economy.

The overall gap between Britain's imports and its exports was £3.2bn in November, narrower than the £3.5bn gap in October. The trade deficit in goods also narrowed from £9.7bn to £9.4bn, in line with economists' expectations.

The goods deficit has been hovering between £8bn and £10bn for at least a year, disappointing policy makers who hoped the steep 25 per cent depreciation of sterling in the wake of the crisis would trigger an export boom.

Instead, Britain's recovery has been propelled by higher domestic consumption and a recovering housing market. "The trade data are stuck in a rut," said Alan Clarke, an economist at Scotiabank. "On the plus side, the outlook in the eurozone does look to be improving, albeit gradually... but for now, if anything is going to take over from consumer spending as the driver of growth, it looks unlikely to be net exports."

Exports rose 2 per cent between October and November, driven by higher exports to other European Union countries, while imports rose 0.8 per cent. Exports to countries outside the EU fell slightly.

The stronger economy has prompted a 9 per cent increase in sterling against a basket of currencies over the past 10 months, which has not been helpful for the UK's exports. Over the three months to November, exports fell 3 per cent and imports fell 0.6 per cent.

The Office for Budget Responsibility, the UK's official fiscal watchdog, said in December it expected imports to outpace exports for the entire five-year period of its forecast. While this was partly the consequence of relatively weak global growth, the OBR also predicted the UK's share of world exports would continue to decline until at least 2019.

The Financial Times, January 9^th, 2014

NOTES

The Office for Budget Responsibility – Управление по контролю за исполнением бюджета

Useful terms and expressions

• to hover – колебаться

• depreciation – 1) снижение курса, стоимости; 2) амортизация

• in the wake  после, вслед за

• watchdog – надзорный орган, орган надзора

TEXT 6

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Fears of a Hard Landing

China is routinely accused of exporting too much. Its foreign sales far exceed its foreign purchases. This chronic surplus angers many.

But this month brought two intriguing breaks to the routine. In March three of China's biggest trading partners  Japan, the EU and America  complained that China was exporting too little. They brought a case at the WTO alleging that China was unfairly restricting its exports of molybdenum and 17 "rare earths" used in the manufacture of many high-tech goods.

The other novelty arrived when China's customs bureau reported a Chinese trade deficit. At $315 billion in February, the imbalance was bigger than any deficit on record  it was bigger even than many of China's monthly surpluses.

The deficit has fuelled one fear and one hope. The fear is that China's economy will slow sharply, hobbled by declining exports to crisis-racked Europe and a rising bill for commodities. The hope is that China is rebalancing, moving away from an economic model reliant on foreign demand.

It is true that China's weak exports are contributing to a slowdown in the broader economy. China's industrial production grew by 11.4% in January and February, compared with 2010, much slower than its normal pace of about 15%. But the prospects for global growth are brightening, suggesting that China's exports have bottomed out. And the slowdown in China's economy has been matched by a helpful fall in inflation. That gives China's government some scope to stimulate demand.

The Economist, March 17^th, 2012