ITEM Club says UK growth underestimated
The Office of National Statistics is currently underestimating the growth of the UK economy, and will have to revise its data over the summer, according to an influential economic think-tank.
Link: ITEM club predicts healthy grow rate
Ernst & Young’s ITEM Club, in its economic update released today, has questioned why official growth figures for the UK are so low when the global economy is showing its most robust growth levels in the last 25 years and UK businesses are showing record levels of optimism.
‘The official data have been lagging the upturn and will surely be revised up over the summer,’ said Peter Spencer, chief economic adviser to the ITEM Club.