The U.K.'s National Statistics Office (ONS) released its current account data for the U.K. on Thursday. The U.K. current account deficit widened to £37.2 billion in the fourth quarter from £20.1 billion in the third quarter. The third quarter's figure was revised down from a deficit of £17.5 billion.

Analysts had expected the current account deficit to increase to £21.1 billion.

The fourth quarter's current account deficit amounted to 7.0% of GDP, the highest share since 1955.

Declines in the current account deficit were driven by a drop in the deficit on primary and secondary income, and total trade.

In 2015 as a whole, the current account deficit was £96.2 billion or 5.2% of GDP. It was the biggest deficit since 1948.