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Delayed UK economy revision due | Delayed UK economy revision due |
(about 9 hours later) | |
The latest UK GDP figures are due later - almost two weeks after a "potential error" forced the Office for National Statistics (ONS) to delay publication. | The latest UK GDP figures are due later - almost two weeks after a "potential error" forced the Office for National Statistics (ONS) to delay publication. |
The figures will be the latest revision to the data covering the period between January and March. | The figures will be the latest revision to the data covering the period between January and March. |
The first set of figures showed the economy grew by 0.2% in the first quarter. This was later revised up to 0.3%. | The first set of figures showed the economy grew by 0.2% in the first quarter. This was later revised up to 0.3%. |
Economists are expecting this figure to be unchanged. | Economists are expecting this figure to be unchanged. |
The figure is closely watched by economists as an indication of the state of the economy. | The figure is closely watched by economists as an indication of the state of the economy. |
The quarterly GDP figures are revised twice, at monthly intervals, after their initial release. | The quarterly GDP figures are revised twice, at monthly intervals, after their initial release. |
The very rare move to delay the release was caused by concerns over the reliability of some of the figures, the ONS said. | The very rare move to delay the release was caused by concerns over the reliability of some of the figures, the ONS said. |
Transparency | Transparency |
Separately, there have been calls for the government to look again at how it defines the size of public sector debt. | Separately, there have been calls for the government to look again at how it defines the size of public sector debt. |
The Institute of Chartered Accountants in England and Wales (ICAEW) and the Centre for Economics and Business Research (CEBR) said that there could be another £1.13 trillion of liabilities beyond the public sector debt figures already published by the ONS. | The Institute of Chartered Accountants in England and Wales (ICAEW) and the Centre for Economics and Business Research (CEBR) said that there could be another £1.13 trillion of liabilities beyond the public sector debt figures already published by the ONS. |
Its study includes things currently considered "off balance sheet" including private finance initiatives, public sector pensions and other liabilities such as Network Rail. | |
Including these in the data would bring greater transparency and accountability of the public sector, the report said. | Including these in the data would bring greater transparency and accountability of the public sector, the report said. |
"While there are important debates to be had about specific spending cuts, I believe that meaningful reform is necessary to underpin sustainable public finances over the long term and create a culture of fiscal responsibility," said the ICAEW's chief executive, Michael Izza. | "While there are important debates to be had about specific spending cuts, I believe that meaningful reform is necessary to underpin sustainable public finances over the long term and create a culture of fiscal responsibility," said the ICAEW's chief executive, Michael Izza. |