Ten million pounds must be spent to repair deficits in the main numbers products by the Office for National Statistics (ONS) in the midst of a continuous lack of confidence in their precision.
The body is responsible for producing official figures covering the key areas of the economy and societal trends.
He was faced with specific criticisms of the quality of his labor market survey (LFS) – used to calculate employment figures.
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The Bank of England, which needs specific readings so that its rate establishment committee bears informed judgments, is one of the institutions that have expressed their frustration with regard to figures from the cocovio pandemic.
ONS problems are not all financial.
Newport -based organizations include Mediocre participation rate in areas like the LFS.
He hopes to have made improvements by the spring of next year.
This will be of little comfort for the bank, which must know how much inflationary pressure persists on the job market, through things such as wage growth, because it establishes interest rates.
The ONS confirmed that plans were underway to “emergency” improve the quality of its work in two areas – which covering the economy and the population, and the other its household and commercial data.
The additional money, which will be spent over two years, is to finance the recruitment of 150 additional data specialists, he said in a statement.
The ONS also said that the UK Statistics Authority and Cabinet Office had agreed to temporarily separate the role of the national statistician from that of the permanent secretary of the ONS.
It was in order to give an emphasis on improving the quality of its basic statistics.
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The ons have not excluded the revisions of the data spent in the coming months.
The acting director general of economic statistics, Grant Fitzner, said: “The ONS economic statistics plan aims to restore confidence and improve the quality of our basic statistics.
“It is open to the place where things are today and where we must do better – and constitutes a crucial element of our response to the recent office for examining the statistics regulation in economic statistics.
“The plan for improving and improving the survey does the same for our surveys with households and businesses.”