The latest ONS estimate values the ‘human capital’ of the United Kingdom at £21.4 trillion. It’s a staggering figure but what does it mean? Put simply, human capital is the economic value of the skills, knowledge and experience of the UK workforce. Richard Tonkin explains how the figures are put together and how the ONS plans to take a far broader view of human capital in the future.Read more on People power: how we estimate the economic value of UK citizens
The ONS produces an annual assessment of how the UK’s tax and benefits system impacts the incomes of UK households. Measuring the incomes of the whole population presents particular challenges and recently our findings have come under scrutiny. Here Richard Tonkin explains how the ONS estimates are produced and the improvements under way to make sure they remain reliable.Read more on Closing the income gap: how we estimate the impact of taxes and benefits on household incomes
High levels of income inequality have been associated with lower economic growth, poor social cohesion and limited social mobility. But the most effective policy responses need to be informed by the best data. Here Richard Tonkin discusses how the ONS is upgrading its household income statistics to make them more accurate, relevant and accessible than ever before.Read more on Revealing income inequalities: New data sources shed new light on key policy challenge.
ONS is continuing to develop new ways of measuring and reporting the UK’s economic and social progress. Richard Tonkin introduces the new Personal and Economic Well-being publication and how it helps us better answer important questions about how are we all doing?’Read more on Beyond GDP: How ONS is developing wider measures of well-being
ONS is in the midst of an important programme of transformation. Not only are we improving our current statistics but also developing new economic indicators. These go beyond the traditional headline measure of GDP to provide broader measures of our economy and society. Richard Tonkin presents a handy guide to the innovative outputs about to emerge.Read more on Beyond GDP: How ONS is developing wider measures of the UK economy