The Office for National Statistics (ONS) will receive a funding boost of £9m to develop new methodologies for measuring how the UK economy is performing, Chancellor Philip Hammond announced today.
The ONS said the new data will improve its understanding of the economy and allow policy-makers to utilise new “super-fast” indicators when making decisions that will impact the entire country.
The additional funding will help the ONS keep pace with the changing economy, ensuring that UK statistics are better able to accurately capture economic activity, which is crucial for government policy-making, such as tax and spending plans. The developments will also train the next generation of data scientists, the office said.
Chancellor Philip Hammond said: “Our modern economy is constantly evolving so it is vital we have the data and tools to understand it.
“Funding for new data scientists, improving our 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.”
Commenting, national statistician John Pullinger added: “Recent investment in the ONS has driven some important new developments in the measurement of our rapidly evolving economy.
“The continuing support of HM Treasury will enable the next stage in our transformation of the UK’s key economic indicators.”
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