BRITAIN'S current account deficit last year was more than halved at a stroke yesterday, after a sharp upward revision of the country's investment income figure. Net investment income in 1995 was revised up by £2.9 billion sterling to a surplus of £9.6 billion, the highest figure on record.

Together with smaller favourable revisions to the balances on trade in services and government transfers, it helped reduce the balance of payments deficit to just £2.9 billion, compared with the previously published figure of £6.7 billion.

Buoyant investment income also helped the first quarter balance of payments deficit shrink to £1.1 billion from £1.2 billion in the final quarter of 1995.