The Chancellor of the Exchequer recently asked the National Statistician to review its measures of public sector productivity. Grant Fitzner writes about how this work is progressing and why measuring public service productivity is more challenging than other areas of the economy.
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For decades, one of the main fiscal targets of the Government has been to reduce the level of public sector debt. This covers not just central government but also local councils and state-controlled companies. Debt estimates are presented every month in the public sector balance sheet, which shows the financial position at a single point in time. The balance sheet sets out the liabilities (amounts owed) and the assets (amounts owned), in line with international statistical guidance. However, there are several different balance sheet measures, some broader in scope than others. How do they differ?
Read more on What the UK government owns and what it owes
The sharp rise in consumer prices inflation revealed in the latest monthly data has inevitably prompted speculation about what’s to come. To fully understand the new figures, however, it’s important to remember that we have just passed the first anniversary of the pandemic. As Grant Fitzner explains, the statistical effects of that landmark need to unravel before the real the path of inflation and other economic statistics becomes clear.
Read more on Beware Base Effects
In the immediate aftermath of the introduction of movement restrictions, ONS introduced new surveys to monitor the impacts of Coronavirus (COVID-19) on the UK’s economy and society. Here Grant Fitzner reflects on the findings of the survey of impacts on UK businesses and looks at what it might mean for the UK economy in the near future.
Read more on The road to business recovery
In the months ahead ONS will continue to provide new information to inform the UK’s response to the COVID-19 pandemic. New analysis of the transmission rate will be included along with further insight on the social and economic impacts. In this post Liz McKeown and Grant Fitzner, who are leading the analytical response, reflect on our progress so far, and describe our plans going forward.
Read more on Informing the pandemic response: What’s next from the ONS?