Basic revision on Uk Balance of Payments: http://www.economicshelp.org/blog/5776/trade/uk-balance-of-payments/
A little more advanced - focussing on Capital account as well. http://www.economicsonline.co.uk/Managing_the_economy/Balance_of_payments.html
Some interesting articles here worth thinking about in the context of impact on UK and other countries:
Key points
UK suffered worst current account deficit since 1950's (6% GDP) - despite a "£22.86bn surplus on trade in services, up from £20.89bn. By painful and overwhelming contrast, the deficit in goods trade was a large £31.9bn, up from £30.11bn." Our Investment income normally in surplus - has witnessed "a dramatic negative swing from surplus to deficit of 3.5% of GDP in our primary income balance." Key reasons - lack of profits from UK owned investment in Eurozone (understandable given recession there) but also from non EU operations as well and British companies such as BP and banks pay heavy fines to US authorities. In addition more UK firms are also now foreign owned - great for FDI but profits may continue to leak out. All of this risks a sterling crisis.
"At a time when the UK's total debts (household, business, financial and government) are more-or-less at an all time high - around 500% of GDP on McKinsey's analysis - it is almost impossible to get the debt burden down when there's a large and negative current account deficit."
Adapted from - http://www.bbc.co.uk/news/business-30585540 and http://www.telegraph.co.uk/finance/economics/11518985/Bank-of-England-warns-on-Britains-120bn-payments-deficit.html
Understanding Investment Income - http://www.ons.gov.uk/ons/rel/bop/balance-of-payments/q3-2014/sty-current-account--income-balance-and-net-international-investment-position.html
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