You are here: Home - Investing -

Cameron warned over GDP slip as watchdog urges review

Written by:
The UK Statistics Authority has called for a review into the early release of sensitive economic data after Prime Minister David Cameron appeared to let slip details of Q3 GDP ahead of time.
Cameron warned over GDP slip as watchdog urges review

Senior government ministers had access to the information that the UK economy had expanded by 1% in Q3 on Wednesday morning, 24 hours ahead of official publication.

Cameron subsequently told the House of Commons Wednesday afternoon there was “good news” on the way for the UK economy.

In a letter to the PM sent yesterday, UK Statistics Authority chair Andrew Dilnot reminded Cameron that recipients of pre-release statistics “must not disclose any suggestion of the size or direction of any trend.”

“It is our view that the current pre-release access arrangements undermine public confidence in official statistics and the professional independence of statisticians,” he said in the letter.

“Since responsibility for determining the pre-release rules continues to rest with government, we would urge you to undertake a review of these arrangements and I would be happy to meet your senior officials to help in taking this forward.”

Chancellor George Osborne said yesterday that the 1% GDP rise, which brought the UK out of recession after three consecutive quarters of negative growth, was “another sign the economy is healing”.

The Q3 figure included a 0.2 percentage point boost from Olympics ticket sales, according to the Office for National Statistics.

A further 0.5 percentage points are estimated to have been added through a reversal of the Jubilee effect – lost output relating to extra public holidays in Q2.

Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Dark evenings provide rich pickings for crafty thieves

Households are being advised to be extra vigilant over the coming months as thieves using the cover of darkness will...