{"id":91945,"date":"2018-05-16T12:41:00","date_gmt":"2018-05-16T12:41:00","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=c6e12a0b3e4ef87b7e903de9ffc6e7bc"},"modified":"2018-05-16T12:41:00","modified_gmt":"2018-05-16T12:41:00","slug":"press-release-extra-4-million-ons-funding-to-help-boost-understanding-of-the-new-economy","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=91945","title":{"rendered":"Press release: Extra \u00a34 million ONS funding to help boost understanding of the new economy"},"content":{"rendered":"<div class=\"govspeak\">\n<p>The Treasury is providing \u00a34 million of additional funding to the <abbr title=\"Office for National Statistics\">ONS<\/abbr> so that we continue to have world-leading statistics that capture what is happening in the modern economy.<\/p>\n<p>This brings investment to-date to \u00a316 million, and will allow the <abbr title=\"Office for National Statistics\">ONS<\/abbr> to:<\/p>\n<ul>\n<li>develop new ways to measure the Sharing Economy and inflation, for example by trawling the internet for price changes<\/li>\n<li>fund improvements to the measurement of the labour market, trade, productivity and <abbr title=\"Gross Domestic Product\">GDP<\/abbr> in the face of rapid technological change via the Economic Statistics Centre of Excellence<\/li>\n<li>roll out new PhDs and apprenticeship places for the next-generation of data scientists<\/li>\n<li>improve coverage of the services sector, on financial links across the economy and the breakdown of the UK\u2019s trade around the world<\/li>\n<\/ul>\n<p>The modern digital economy is harder to measure than the goods based economy of the past. The <abbr title=\"Office for National Statistics\">ONS<\/abbr> is working hard to further understand the changes. The rapid rate of technological innovation, free services for consumers and major intangible investments by businesses all create challenges for the <abbr title=\"Office for National Statistics\">ONS<\/abbr>, which this funding will help address.<\/p>\n<p>Chief Secretary to the Treasury, Elizabeth Truss said:<\/p>\n<blockquote>\n<p>We are boosting our understanding of the Britain\u2019s dynamic, go-getting companies that are driving productivity<br \/>\nforward. From TransferWise to Deliveroo, disruptors are offering profoundly new services and shaking things up.<\/p>\n<p class=\"last-child\">We want to understand their impact on the economy, as together we build a country that works for everyone.<\/p>\n<\/blockquote>\n<p>National Statistician, John Pullinger said:<\/p>\n<blockquote>\n<p>Today\u2019s announcement will greatly help <abbr title=\"Office for National Statistics\">ONS<\/abbr> meet the challenges of measuring new forms of economic activity and give policy makers better insights into the UK economy.<\/p>\n<p>The Data Science Campus is already allowing us to interpret many new and exciting forms of data and the<br \/>\nEconomic Statistics Centre of Excellence provides a crucial link to harnesses the internationally-renowned<br \/>\nexpertise of our universities.<\/p>\n<p class=\"last-child\">The new investment will also help <abbr title=\"Office for National Statistics\">ONS<\/abbr> to build on recent innovations, such as the inclusion of the latest <abbr title=\"Value Added Tax\">VAT<\/abbr> information from thousands of UK business\u2019 into official figures. New projects in the pipe line or already delivered<br \/>\nincluding better measurement of wages, trade in services, productivity and the digital economy.<\/p>\n<\/blockquote>\n<h2 id=\"what-has-the-ons-already-delivered\">What has the <abbr title=\"Office for National Statistics\">ONS<\/abbr> already delivered?<\/h2>\n<p>The government commissioned Professor Sir Charles Bean to carry out an Independent Review of UK Economic Statistics. This review reported in March 2016 with recommendations for how the <abbr title=\"Office for National Statistics\">ONS<\/abbr> should adapt to an increasingly digital world. The government responded <a href=\"https:\/\/www.gov.uk\/government\/news\/independent-review-of-uk-economic-statistics-government-response\">at the time.<\/a> This new funding will continue to deliver on the Bean Review\u2019s recommendations. Since 2016 the <abbr title=\"Office for National Statistics\">ONS<\/abbr> has:<\/p>\n<ul>\n<li>established an Economic Statistics Centre of Excellence, bringing together academics and policymakers to deliver cutting edge research on how to measure the modern, digital economy<\/li>\n<li>established a Data Science Campus to harness the power of \u2018Big Data\u2019, particularly to improve real-time indicators of economic activity<\/li>\n<li>continued to develop <abbr title=\"Office for National Statistics\">ONS<\/abbr>\u2019s existing statistics, for instance through the inclusion of <abbr title=\"Value Added Tax\">VAT<\/abbr> data in <abbr title=\"Gross Domestic Product\">GDP<\/abbr>, which increases the number of small and medium-sized businesses sampled each month to over 600,000<\/li>\n<li>improved trade statistics, with substantially more country and commodity breakdowns in both goods and services<\/li>\n<li>significant productivity insights including company and regional level analysis<\/li>\n<li>improved the <abbr title=\"Office for National Statistics\">ONS<\/abbr>\u2019s analytical capability, including through expanding the number of economists in the <abbr title=\"Office for National Statistics\">ONS<\/abbr> workforce to over 100<\/li>\n<\/ul>\n<h2 id=\"what-the-government-is-doing-for-the-economy\">What the government is doing for the economy<\/h2>\n<p>We will improve our productivity by embracing new technologies, investing in skills and infrastructure, and helping businesses create better, higher-paying jobs. We are delivering an ambitious Industrial Strategy and:<\/p>\n<ul>\n<li>increasing the National Productivity Investment Fund to \u00a331 billion as well as increasing <abbr title=\"Research and Development\">R&amp;D<\/abbr> spending by the largest amount for 40 years<\/li>\n<li>establishing the UK as a world-leader in emerging technology such as <abbr title=\"Artificial Intelligence\">A.I.<\/abbr> and driverless cars while reforming technical education and re-training<\/li>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The additional funding will help the ONS measure changes in the modern digital economy.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/91945"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=91945"}],"version-history":[{"count":1,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/91945\/revisions"}],"predecessor-version":[{"id":92011,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/91945\/revisions\/92011"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=91945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=91945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=91945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}