It's likely to go much higher, because the UK imports a lot more than it produces.

And unlike countries that can export home-grown food and/or raw materials, most UK exports are the end of a long supply chain that starts outside the country.

So even on exports, its margins are a lot lower than those of countries that produce raw materials and food.

Brexit will make this worse.

The UK can't continue like this indefinitely (it's not the hegemon, like the US) because when you spend more than you earn you have to make up the difference by borrowing money or devaluing your own currency.

The consequences are predictable - prices rise, inflation rises, the cycle repeats, and eventually the economy breaks down altogether after sovereign default becomes a real threat.

At that point the UK will either have to go full North Korea, or will need to strip everyone of their savings, raise taxes - and will still need a bailout.

Having "taken back sovereignty" the country will be on the hook to the banks for decades.