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Delayed UK economy revision due UK GDP growth unchanged at 0.3%
(40 minutes 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 UK economy grew by 0.3% in the quarter from January to March, the latest official figures have confirmed.
The figures will be the latest revision to the data covering the period between January and March. The revision of the GDP data is unchanged from that issued by the Office for National Statistics in June.
The first set of figures showed the economy grew by 0.2% in the first quarter. This was later revised up to 0.3%. Publication of the figures was delayed because of conerns about the reliability of some of the data.
Economists are expecting this figure to be unchanged. Quarterly GDP figures, revised twice at monthly intervals, are closely watched by economists as an indication of the state of the UK 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 very rare move to delay the release was caused by concerns over the reliability of some of the figures, the ONS said.
Transparency
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.
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.
"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.