The Royal Economic Society (RES) today warned that serious problems with the quality of UK economic statistics are preventing economists from conducting the research needed to support evidence-based policymaking.
Recent delays, revisions and errors in core datasets, including labour market figures and household surveys, have raised questions about the credibility of UK statistics. The Labour Force Survey has seen response rates collapse, whilst errors in other releases, including inflation figures, have further damaged trust in the system.
Professor Imran Rasul, President of the Royal Economic Society, said:
“Robust and timely economic statistics are vital for developing sound policy. Gaps in labour market data are preventing economists from properly analysing wages, employment, inequality and the effects of government policy. This undermines both research and policymaking at a time when the UK faces profound economic challenges.”
While acknowledging the steps the Office for National Statistics (ONS) is taking to rebuild capacity, the RES stressed the need for urgent remedial action.
Leighton Chipperfield, Chief Executive of the RES, said:
“Our members tell us it is often easier to study other countries’ labour markets than our own, because their data is more comprehensive, better linked and more accessible. That puts the UK at a disadvantage and is poor value for taxpayers and the Government alike”.
ENDS
Notes to Editors
The Royal Economic Society is one of the world’s oldest and most prestigious economic associations, dedicated to advancing economics for the public good.
We bring together an international membership of academics, students, and professionals to promote high-quality research, foster inclusive debate, and support the next generation of economists. Through our journals, conferences, events and training, we provide a platform for cutting-edge ideas that shape policy and improve understanding of the economy and society.
Media contact
Leighton Chipperfield
L.Chipperfield@res.org.uk
07415 511988