Crisis of Confidence: A Look Inside The ONS

Tom Rees, Bloomberg's UK economics reporter, shares insights on the major issues plaguing the Office for National Statistics. The labor force survey's problems may not be resolved until 2027, with deep-rooted cultural issues causing junior staff to hesitate in raising concerns. Rees discusses waning survey response rates and the impact of financial constraints on data accuracy. The discussion highlights how these challenges hinder critical economic decision-making for the Bank of England, raising alarms about future forecasting and labor market tracking.