Vince Cable said:

“News of this massive write-down shows our economy is in real trouble. Jobs are being lost at major employers such as Vauxhall and BAE, the pound has already lost 20% of its value in a year, our balance of trade and productivity are poor, and we have fallen to the bottom of the growth league for major economies.

“As Theresa May struggles to negotiate a divorce settlement with the EU, Britain cannot afford to lose half a trillion pounds in assets. The news that Britain’s net international investment position has moved from a massive surplus to a deficit is deeply concerning. A major American bank is warning of a further fall in the purchase of UK assets which it says could see the pound falling again by anything up to 20%.

“It is clear that the public are paying the price for the government’s economic mismanagement.”