The landscape of economic statistics in the UK is changing, with more new and innovative data available than ever before. There have been multiple economic shocks in the last few years which have brought increased interest in economic statistics. The regulatory landscape has also changed: the UK’s departure from the EU means that the role of the European statistical office (Eurostat) in verifying the quality of UK statistics has come to an end. As the UK’s independent regulator of statistics, we are building on our years of experience of assessing statistics against our Code of Practice for Statistics, to ensure that users can have confidence in the quality of economic statistics in the UK.
Key to this work is the development of a programme of ‘Spotlight on Quality’ assessments of UK economic statistics. We developed and published a framework for carrying out these assessments based on our Code of Practice and drawing on international frameworks such as the ESS Quality Assurance framework and the IMF Data Quality Assessment Framework. These assessments consider how the quality of statistics is ensured and communicated through appropriate resources, plans and prioritisation, suitable data sources, sound methods and adequate quality assurance.
Alongside evaluating the quality of individual sets of statistics, we are reviewing the systemic approach to the quality of economic statistics in the UK to ensure that they are fit for the future. This review will build on findings from previous independent reviews of economic statistics in the UK, and our own regulatory work. It will explore the challenges of measuring the modern economy in a way that meets stakeholders’ needs and will assess statistics producers’ ability to meet these challenges.
We have also reviewed the process for economic statistics classifications in the UK to ensure that it meets user needs and can continue to command confidence. This work reviewed the process for classifying units or policy transactions as either in the public or private sector, and assessed how it is addressing the challenges and risks it faces and how it can maximise opportunities. We developed recommendations on the steps that the Office for National Statistics (ONS), who lead on the Classifications process, can take to further strengthen their processes and ensure it meets user needs.
What have we been doing?
October 2024 – We published our quality focused assessments on ONS’s Price Index of Private Rents (PIPR) and Business Investment statistics.
August 2024 – We published a detailed outline and a call for feedback for the systemic review of the UK’s economic statistics
July 2024 – We published our review of the process for economic statistics classifications
July 2024 – we published our quality focuses assessments on ONS’ Business Enterprise Research and Development statistics and NISRA’s Northern Ireland Business Expenditure on Research and Development statistics.
July 2024 – We published our Spotlight on Quality assessment framework.
June 2024 – We commenced a Rapid Review of the methods being developed for use with alternative data sources in consumer price statistics using the ‘Sound Methods’ pillar of our Spotlight on Quality framework. This rapid review has been paused and will be considered as part of our planned work on consumer and household prices.
April 2024 – We commenced a Spotlight on Quality assessment of the ONS Price Index of Private Rents statistics.
April 2024 – We discussed the emerging findings of our quality focused assessment of Business Enterprise Research and Development statistics and the emerging findings of our review of the process for public sector classifications with the Regulation Committee that oversees our work.
January 2024 – We published our second pilot quality focused assessment on Profitability of UK companies and Gross Operating Surplus of private non-financial corporations statistics and launched a quality focused assessment of Office for National Statistics’ (ONS) Business Investment statistics. We have also commenced a quality focused assessment of the ONS Business Enterprise Research and Development statistics.
December 2023 – We discussed plans for the Spotlight and Quality programme in light of the findings of our Review of Revisions to estimates of UK Gross Domestic Product (GDP) with the Regulation Committee that oversees our work.
October 2023 – We discussed the emerging findings of our review of ONS Profitability of UK companies and Gross Operating Surplus of private non-financial corporations statistics with the Regulation Committee that oversees our work. Members welcomed the summary of findings.
September 2023 – We published a blog on the impact of our first pilot assessment and why these reviews are important.
August 2023 – We launched our second pilot quality focused assessment on Profitability of UK companies and Gross Operating Surplus of private non-financial corporations statistics.
July 2023 – We published our first pilot review which is on Producer Price Inflation.
April 2023 – We discussed the emerging findings of our pilot review of Office for ONS Producer Price Inflation (PPI) statistics with the Regulation Committee that oversees our work. Members welcomed the summary of findings and insight into how what OSR is doing is different to Eurostat.
January 2023 – We began a pilot review using the newly developed in-depth quality assessment framework on ONS’s Producer Price Inflation (PPI) statistics.
December 2022 – We wrote to key stakeholders such as ONS, Office for Budget Responsibility, Bank of England, HM Treasury and National Statistician’s Committee for Advice on Standards for Economic Statistics outlining our planned approach.
Correspondence
Mark Pont to Mike Keoghan: Assessment of Business Investment Statistics (19 January 2024)
Ed Humpherson to Mike Keoghan: Assessment of Profitability GOS statistics (18 January 2024)
These webpages will be updated as the programme of reviews progresses.