ONs delay in releasing retail sales data on quality concerns

The release of the major data used to weigh the performance of the UK economy has delayed two weeks on the concerns about data quality.

The Office of the National Statistics (ONS) stated that its latest monthly retail sales data was re -respected to allow for “further quality assurance”.

This is another shock for the UK’s official statistical body and questions the credibility of its data, which is used to influence the government’s policy to affect millions of people and to determine interest rates by Bank of England.

ONS apologized “for any inconvenience”.

Monthly retail sales figures are closely seen as a measure of consumer expenses. Usually growth means that people are spending more money, which promotes business and can increase the economy.

The government has increased its main priority to the UK economy in an effort to improve the standard of living.

The ONS stated that its data was originally slated for release on Friday, now a fortnight will be released on Friday 5 September.

The organization has faced criticism in recent months, with some data, especially with concerns on its reputation and reliability for its job market figures.

Such data release is closely viewed by the Bank of England, when cutting, raising or wearing interest rates, which affects people’s ability to borrow money or get better savings rates.

ONS figures on inflation, which indicate the cost of life, and are used to outline the decisions of several taxes and public expense made by GDP, a measure of economy, Chancellor REVES.

In June, ONS said the UK inflation rate for April was very high when it was revealed that it was given. Incorrect road tax data by department for transportation.

Robert Wood, an economist at the Pantian Macroeconomics chief Britain, said that all ONS data should “now be suspicious”.

He said that while ONS “did the correct job”, “mistakes are going up” to prevent the publication of dual investigation of data instead of “comprehension of the problem under carpet”.

“ONS seems to have a serious problem. Every odd datapoint will now raise the question, is it real or is an ONS error?” Mr. Wood said in a post on social media.

“This stuff really matters. ONs need to go to the top of tomorrow.”

In June, an important government review said “deep seated” issues The agency needs to address in ONs to “rebuild its reputation”.

The review states that most of the problems with data arose from “insufficiency”, the way the agency plans and takes decisions. ONS welcomed the report at that time and highlighted those issues.

Last month, Sir Robert Chote resigned as the Chairman of the UK Statistics Authority, the body responsible for the overseas of ONS said the new leadership was important to restore confidence in the figures produced by the body.

In the Social Media Post, former member of the Bank of England’s Rate-Setting Committee, Andrew Sentens said the latest delay was a “clan and completely hut”.