UK exports in November reached their highest rate in over 13 months, according to data released by the Office for National Statistics.

Exports rose to £20.2bn, the most since October 2008, driven by sales of consumer goods and chemicals.

"A narrowing trade balance is consistent with a rebalancing of the external and internal sectors of the economy and it's certainly a trend which we hope is maintained over the next couple of years," said Philip Shaw, an analyst at Investec.