Future of UK economic statistics set out at Imperial

The UK must harness the potential of big data to improve economic statistics, says a report launched at Imperial’s Data Science Institute today. Professor Sir Charlie Bean – former Deputy Governor of the Bank of England and author of the independent report, said that UK economic statistics need to be transformed in order to fully capture all the activity in the economy. Current statistics, designed more than fifty years ago, do not adequately reflect Britain’s modern economy – where technological advances and the digital revolution have transformed the way business operates, the report concludes. Imperial’s world-class data science research shows several ways in which we can enhance the use of economic statistics. – Sir Charlie Bean If the digital economy was fully captured by official statistics, it could add between one-third…

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