Independent review of National Accounts published

8 Jul 2014 04:10 PM

An Independent review of the UK’s National Accounts and Balance of Payments has been published by ONS. The review was commissioned by ONS Director General Glen Watson, and undertaken by Dame Kate Barker (former MPC member) and Art Ridgeway (former Assistant Chief Statistician at Statistics Canada) 

The review found that the National Accounts are of a good standard and that ONS is undertaking a number of significant improvements in their production which are endorsed.  It provides a range of recommendations and suggestions for further improvements, to meet both immediate challenges and those of the future. 

Commenting on the review findings, ONS Director General Glen Watson said:

“It is the role of ONS to produce high quality, trusted statistics. This independent review confirms that UK’s National Accounts data are of a good standard and bear comparison with those of similar developed economies around the world.”

“I am grateful to Kate Barker and Art Ridgeway for their recommendations and suggestions for further improvements. These will help ensure the UK’s key economic statistics continue to meet the needs of users in government, business and the international community.”

ONS will now focus its attention on planning the implementation of the review’s high priority recommendations.  These include: 

• Pushing forward with  existing plans to re-instate the purchases survey or some alternate data source

• Reviewing  current methods for apportioning the differences between the monthly industrial breakdowns of output and the annual Supply and Use Tables

• Developing deflation methodology for the inputs and outputs of the production process (‘double deflation’)

• Following current plans to seek broader international advice on further improvements to capital stocks estimates

• Adding to and enhancing recent improvements to the inter-departmental business register

• Prioritising system improvements

An assessment of the implications of the review recommendations will require some user consultation and will lead to a revision of the 5 year National Accounts Work Plan first published last year.  Initially, ONS aims to publish a short term Work Plan in the summer of 2014 covering the period up to and including Blue Book 2015.  Then, after considering the report’s findings in full, ONS will publish a specific response to the NSQR in late 2014 leading to a revised 5 year National Accounts Work Plan in early 2015.

The findings and response to this review will complement the other changes being made to the National Accounts as a result of the separate work to implement the new European System of Accounts (2010) regulated standards.

The report’s authors are available for comment – please contact ONS Media Relations on +44 (0)845 604 1858.

ENDS

Background notes

1. 1. National Statistics Quality Review of the National Accounts and Balance of Payments, including the full list of recommendations is available

   2. Details of the policy governing the release of new data are available from the media office. 

   3. National Statistics are produced to high professional standards set out in the Code of Practice for Official Statistics. They undergo regular quality assurance reviews to ensure that they meet customer needs. They are produced free from any political interference. 
   © Crown copyright 2014. 

    

2. Issued by: Office for National Statistics, Government Buildings, Cardiff Road, Newport, NP10 8XG

   Media contact: 
   Tel Media Relations Office    0845 6041858 
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   E-mail  media.relations@ons.gsi.gov.uk

   
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3. Details of the policy governing the release of new data are available by visiting www.statisticsauthority.gov.uk/assessment/code-of-practice/index.html or from the Media Relations Office email: media.relations@ons.gsi.gov.uk