UK eco­nomic growth rate miss­ing out on dig­i­tal boom

The Pak Banker - - 6BUSINESS -

Bri­tain's eco­nomic growth rate would be higher if its of­fi­cial sta­tis­tics prop­erly re­flected the ex­plo­sive growth in on­line ac­tiv­ity, for­mer Bank of Eng­land Deputy Gov­er­nor Char­lie Bean, who is lead­ing a re­view into Bri­tish sta­tis­tics, said. If the dig­i­tal econ­omy was fully cap­tured in eco­nomic sta­tis­tics it could add be­tween one third and two thirds of a per­cent to the growth rate of the Bri­tish econ­omy, a re­port drawn up by Bean and pub­lished on Fri­day said.

Bean was asked by Chan­cel­lor Ge­orge Os­borne last year to look into how Bri­tain's eco­nomic sta­tis­tics could be im­proved af­ter they came in for crit­i­cism, in­clud­ing from Bank of Eng­land Gov­er­nor Mark Car­ney. The re­view rec­om­mended that the Of­fice for Na­tional Sta­tis­tics cre­ate a new re­search cen­ter to find bet­ter ways to mea­sure dig­i­tal ac­tiv­ity. Bean said the ONS should set up a se­cond cen­ter to look at ways that it could use a vast range of pub­lic data which its statis­ti­cians strug­gle to ac­cess. Bri­tain has lagged other rich economies in the use of such data and has re­lied heav­ily in­stead on sur­veys to mea­sure its econ­omy.

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