The Balance of Payments is sometimes known as the UK Current Account.
What this is the actual difference between imports and exports.

So for the first quarter of 2014, (April, May & June 2014) the the current account was a deficit of £18,500 Million = £18.5 Billion.

That means the UK imported more goods than it exported to a tune of £18.5 Billion.

[http://www.ons.gov.uk/ons/dcp171778_368808.pdf]

As the economy rebalances, one has to see the UK regaining some lead in exports. With the devaluation in Sterling, the UK as the ability to export itself out of recovery. Look at our Coal and Oil reserves. Jaguar Land Rover, a world class product. Take Astra Zeneca and Glaxo SmithKline workd class pharma. Weir Pumps the leader in industrial pumps. Edwards High Vacuum International, precision engineering. McLaren the main player in Formula 1. Ineos the UK chemical giant with Sodium and Chlorine production.