BRITAIN’S exports of manufactured goods needs a “revolution” as the country imports about £2 billion a month more than it sells overseas, new findings showed yesterday.

An independent review commissioned by Labour called for radical change to manufacturing policy to achieve an export-led recovery.

Labour responded to the review with plans to give a future trade minister a seat in the Cabinet if the party wins power in May.

The report from the Cole Commission called for political leadership to drive a “revolution in export culture,” and shake up the “complex and fragmented” system of support and financial backing for manufacturing.

Chairman Graham Colesaid: “Trade can no longer play second fiddle when the rest of the world is driving trade with a world-class orchestra.”

Welcoming the review, Unite assistant general secretary Tony Burke said: “It makes clear that to ensure sustained growth we have to focus on exporting more of our manufactured goods.

“It also reminds us that Britain needs a ‘joined up’ industrial and export strategy — something the Tories have singularly failed to achieve.”

Shadow chancellor Ed Balls said: “For too long Britain has lagged the developed world in nurturing and supporting our exporters.”

He said that Chancellor George Osborne is set to miss his 2020 exports target by more than than £360bn.

 “The government can’t keep letting British businesses down like this,” he added.

It comes a week after official figures showed Britain’s current account deficit — the gap between money paid out and money brought in — swelled to 5.5 per cent of gross domestic product last year, its highest percentage since annual records began in 1948.