Bloomberg: doubts raised over UK national statistics office data

According to Bloomberg, the accuracy of official UK statistics from the Office for National Statistics (ONS) is facing renewed scrutiny. Experts interviewed by the news agency point to potential large-scale discrepancies, citing already identified shortcomings.

Oxford Economics, for instance, highlighted potential issues with ONS estimates for GDP, retail sales, and wage growth. They warn that such inaccuracies could mislead the Bank of England when making interest rate decisions.

The ONS has acknowledged difficulties in producing reliable employment statistics due to low survey response rates. Bloomberg also notes the office has delayed publishing trade and producer price data.

Andrew Goodwin of Oxford Economics expressed doubts about several ONS data series, observing that revisions could significantly affect government policy decisions. The ONS, in response, pointed to the resilience shown in UK wage growth data.

As Bloomberg reports, this situation places additional pressure on the ONS. The office needs to address these concerns to help prevent potential errors in Bank of England policy.