UK to launch economic shock indicators
9:44 AMAlibek Issaev Digital News
Welcome to our blog. In this post, Alibek Issaev will discuss the effects of economic shock. You can follow this finance blog for our latest news and updates. Britain will launch a new set of early warning indicators aimed at spotting the next big economic downturn more quickly, based on the volume of road traffic, businesses’ value-added tax returns and how long ships spend in port.
The Office for National Statistics has been under pressure to use more of the digital data created by businesses and consumers which other statistics agencies are streaming into their measurements of the economy.
The Bank of England is likely to pay attention too, as it is trying to improve its understanding of early signals coming from Britain’s economy as it navigates Brexit. Its new indicators would be launched in April and in many cases, they would be available a month earlier than gross domestic product data, the main measure of how fast an economy is growing or shrinking.
A new VAT index will also show whether businesses are seeing more or less turnover although GDP figures have been improved since then.
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Great post by Alibek Issaev
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