Bank of England to generate own statistics
The Bank of England has set up a dedicated unit to produce its own economic data, as it no longer trusts the official figures produced by the Office for National Statistics (ONS).
The vote of no confidence will be a stinging blow to the ONS, which has suffered escalating criticism for providing a series flawed numbers, including understating the Budget deficit to the tune of £13bn last year.
The ONS, under the new national statistician Karen Dunnell, is in the process of becoming independent from the Treasury in order to be seen as more trustworthy.
The Bank’s “Data Uncertainty” team has the job of finding the holes in national statistics and plugging them with the help of private surveys and reports from the Bank’s regional observers.