Business Services Industry
U.K. Statistics Agency Has Its Numbers Wrong, Says Economic Forecasting Group.
Knight Ridder/Tribune Business News, June, 2004
By Allister Heath, Sunday Business, London Knight Ridder/Tribune Business News
Jun. 20--Britain's Office for National Statistics (ONS) is this weekend embroiled in another row about the quality of its research.
The Ernst & Young Item Club, which uses the same model as the Treasury, has become the latest top institution to dismiss the ONS's first-quarter growth figures of 0.6 percent as too low.
Peter Spencer, the chief economic adviser to the Item Club, said: "The official data has been lagging [behind] the upturn and will surely be revised up."
The ONS's interpretation of last week's retail sales figures has also come under fire. Michael Saunders, the chief European economist at Citigroup, said: "The ONS, in its new role as...
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