Liam Fox is to unveil a plan intended to increase Britain’s exports after Brexit to 35% of GDP as his cabinet counterpart Dominic Raab heads to Brussels for the latest round of divorce talks with the EU.

The international trade secretary believes there are 400,000 UK businesses that could export but do not, and will try to target them with better loans, guarantees and support – and ask businesses to spell out what barriers to trade they face.

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Britain has recorded the biggest July budget surplus since the millennium. The Office for National Statistics (ONS)  said public sector net borrowing, excluding the state-owned banks, went into surplus for July by £2bn, meaning the government received more in tax income than was spent on public services