A number of troubling factors underlie the U.K.'s recent economic and trade numbers, which were already dismal enough. Among them is the fact that despite sterling's decline, exports are failing to pick up, and wage gains, meanwhile, are falling behind inflation, creating a double domestic-trade squeeze on the economy. Eyes are now turning to the Bank of England for further monetary easing, which in itself runs the danger of not providing the kind of stimulus needed.

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