ONS funding boost for measuring the new economy
The ONS will receive a funding boost of £9 million to develop cutting-edge methodologies for measuring how the UK economy is performing.
The new data is expected to improve the UK's understanding of the economy and ensure policy-makers can use new “super-fast” indicators to inform decisions that affect the whole country.
This new funding is part of the UK's plan to build an economy fit for the future and will allow the ONS to:
Implement the superior ‘double-deflation’ methodology of calculating GDP, improving how it measures costs, prices and production.
Develop a range of “super-fast” indicators of economic activity, utilising new big data sets to create a clearer view of how the economy is changing in real time.
Train 500 fully qualified government data scientists by 2021 to support better policy-making and understanding of the economy – a ten-fold increase from 2017.
"Our modern economy is constantly evolving so it is vital we have the data and tools to understand it," said Chancellor of the Exchequer, Philip Hammond.
He noted that funding for new data scientists, improving statistics and harnessing the power of big data will "help us to quickly identify and address the challenges of the new economy and seize the opportunities that lie ahead".
The changes at ONS are expected to compliment the UK's wider investments in building an economy fit for the future, including investments in AI research, speeding up the rollout full-fibre broadband and making tax digital.