Due to worries about the data’s quality, the release of important figures that are used to assess the UK economy’s performance has been postponed for two weeks. Further quality assurance” was the reason behind the rescheduling of the Office for National Statistics’ (ONS) most recent monthly retail sales numbers.
It represents yet another blow to the UK’s official statistics agency and casts doubt on the accuracy of its data, which the Bank of England uses to determine interest rates and to make decisions about government policy that impact millions of people.
A key indicator of consumer spending is the monthly retail sales numbers. Increases typically indicate that consumers are spending more, which stimulates the economy and helps businesses. In an attempt to raise living standards, the government has made expanding the UK economy its top goal.
According to the ONS, the data, which was initially scheduled for release on Friday, will now be made available on Friday, September 5, two weeks later. In recent months, the organization has come under fire due to questions about the credibility and dependability of some of its data, especially those related to the labor market.
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