Economists are sounding the alarm over unreliable data from the Office for National Statistics (ONS) which is allegedly resulting in "poor value for taxpayers and the Government".
The Royal Economic Society has issued severe criticism over the statistics body regarding the deteriorating state of Britain's economic data, which could pllunge the country into economic crisis.
According to the organisation, there are fundamental failures in statistical quality that are obstructing crucial economic research and evidence-based policy development.
The Labour Force Survey has experienced a dramatic decline in participation rates. Additional problems have emerged with inaccuracies in various data releases, notably including mistakes in inflation statistics.
The ONS is under fire for poor economic data
|PA / ONS
These monthly figures serve as vital barometers for economic health, influencing both Government policy decisions and the Bank of England's interest rate determinations.
The Royal Economic Society emphasised that such deficiencies are creating obstacles for economists attempting to conduct essential analysis during a period of substantial economic difficulties.
Professor Imran Rasul, who leads the Royal Economic Society, stressed that "robust and timely economic statistics are vital for developing sound policy".
He warned that deficiencies in labour market information are "preventing economists from properly analysing wages, employment, inequality and the effects of Government policy".
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Rachel Reeves said 'working people have more money in their pockets' thanks to GDP figures | POOLThe Royal Economic Society's chief executive, Leighton Chipperfield, highlighted Britain's comparative disadvantage in statistical provision.
"Our members tell us it is often easier to study other countries' labour markets than our own, because their data is more comprehensive, better linked and more accessible," he stated.
This situation "puts the UK at a disadvantage and is poor value for taxpayers and the Government alike", Chipperfield added.
Britain's statistics agency recently pushed back the publication of crucial retail sales data by a fortnight to conduct additional quality checks.
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As a result of this, the ONS has postponed the figures originally scheduled for last Friday, now set for September 5.
The delay represents the latest blow to the credibility of Britain's economic data infrastructure.
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How has GDP growth changed in recent years? | ONS The ONS cited the need for "further quality assurance" before releasing the closely-monitored consumer spending indicators.
The statistical issue arrives as the Government pursues economic growth as its primary objective to enhance living standards across Britain.
Questions about the dependability of employment market figures have particularly damaged the institution's standing.
Although the statistics body has acknowledged initiatives to restore its capabilities, the Royal Economic Society maintains that immediate corrective measures remain essential.