Revamping Britain's Economic Data: ONS Embarks on Major Overhaul

Britain's statistics office aims to address its data quality issues with strategic leadership changes and a substantial investment. The Office for National Statistics (ONS) plans to temporarily separate its key leadership roles as part of a broader reform to enhance economic data reliability.

A significant £10 million will be allocated over the next two years to bolster core economic and population statistics, with additional funding expected. This investment seeks to rebuild confidence and quality in the data, essential for informed decision-making by the Bank of England and private sector economists.

The agency acknowledges previous shortcomings, particularly in employment data, affected by reduced survey response rates. Plans include expanding face-to-face surveys and upgrading data processing systems, alongside creating 150 new skilled positions.

(With inputs from agencies.)