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Improving Government statistics – Aligning the Public Sector Finances and National Accounts and other developments to public sector statistics

Released: 28 June 2013 Download PDF

Abstract

This article summarises the activities which have been carried out to improve the alignment between public sector non-financial statistics published in the UK National Accounts with those presented in the Public Sector Finances (PSF) and general government data transmitted to Eurostat under the Excessive Deficit Procedure (EDP) legislation. It also includes details of other developments to public sector statistics for Blue Book 2013.

Acknowledgements

David Bailey, Office for National Statistics

Geoff Bright, Office for National Statistics.

Katherine Mills, Office for National Statistics

1. Introduction

This article summarises the activities which have been carried out to improve the alignment between public sector non-financial statistics published in the UK National Accounts with those presented in the Public Sector Finances (PSF) and general government data transmitted to Eurostat under the Excessive Deficit Procedure (EDP) legislation.
A note explaining the work to align public sector financial statistics published in the UK National Accounts and PSF will follow in summer 2013.
This article covers 2 activities which have been carried out to improve the public sector statistics:

i. Improving the alignment  of  the data and methods between the public sector statistics published in the PSF publication and National Accounts publications

Conceptually the Public Sector Finance Statistics and National Accounts have been aligned since 1997, in that when classification decisions are taken for National Accounts these are also incorporated into the PSF. However, in practice the PSF statistics have an ‘Open Revisions Policy’ meaning changes in National Accounts classifications have been adopted at the earliest opportunity. National Accounts has an annual policy which controls the number of revisions. Since the mid-2000’s not all classification decisions have been fully taken on board into National Accounts. This work looked to improve the methods and data where possible and ensure common methods were used wherever possible.

ii. Applying new data and methods to both the PSF publication and National Accounts publications, including the treatment of road depreciation/renewals and Renewable Obligation Certificates (ROCs) in Central Government; new methods for artistic originals in Public Corporations; and the use of Whole of Government Accounts Data wherever possible for Public Corporations.

These developments are part of the programme of continuous improvement to the UK National Accounts, which are produced by the Office for National Statistics (ONS). The purpose of this article is to give an overview of improvements made whilst discussing these developments in the context of revisions to the PSF dataset.  An annex providing a fuller description of the changes and their impact on the public sector non-financial statistics published in the UK National Accounts is attached.  This also includes details of other developments to public sector statistics for Blue Book 2013.


The article contains the following sections:

  • Section 2 provides a background to why public sector statistics became inconsistent;

  • Section 3 presents a brief overview of alignment activities undertaken;

  • Section 4 explains the impact of the method changes on the PSF statistical aggregates;

  • Section 5 discusses measures which will be aligned in future National Accounts publications and steps taken to keep public sector statistics aligned;

  • Section 6 lists the ONS statistical releases which will be affected by public sector alignment.

  • Section 7 gives details of how feedback can be provided, and contains links to other useful sources of information, and

  • Section 8 provides an annex highlighting the current and planned treatment of Northern Rock Asset Management (NRAM) and Bradford and Bingley (B&B)

  • Section 9 is an annex providing a fuller description of the changes in UK National Accounts and their impact on the public sector non-financial statistics.  This also includes details of other developments to public sector statistics for Blue Book 2013.

2. Background

Public sector statistics are released via a number of National Statistics publications, primarily the monthly Public Sector Finances statistical bulletin, the Quarterly National Accounts (QNA), UK Economic Accounts (UKEA) and the annual UK National Accounts – The Blue Book.

The Public Sector Finances statistical bulletin is published jointly by Office for National Statistics (ONS) and HM Treasury and provides the latest available estimates for key public sector finance statistics, such as public sector net borrowing, public sector net debt and public sector current budget deficit/surplus on a financial year basis. Revisions to PSF data illustrated throughout this paper are, therefore, shown on a financial year basis.

The QNA and UKEA publications bring together data on national and financial accounts and the balance of payments for the UK whilst the “Blue Book” presents the full set of economic accounts, or National Accounts, for the United Kingdom. The Blue Book records and describes economic activity in the United Kingdom and as such is used to support the formulation and monitoring of economic and social policies on a calendar year basis. Revisions to National Accounts data illustrated as an annex to this paper will, in due course, be shown on a calendar year basis.

It is an essential principle of the PSF publications that they are based on National Accounts concepts, definitions and methodologies. Although National Accounts and PSF are conceptually aligned, over the last eight or so years the data in the different publications have diverged due to different revision policies in National Accounts and Public Sector Finances.  Both publications should be aligned to National Accounts classification decisions. However, PSF has an open revisions policy meaning it generally takes on decisions from the National Accounts Classification Committee (NACC) as soon as possible.  In contrast, the Blue Book 2013 publication is only fully open to new data and methods from 2008 onwards. 

Although National Accounts publications have taken on major decisions from the NACC, previously not all decisions have been incorporated for the full time span. Commencing with the publication of both the PSF June 2013 bulletin, on 21 June 2013, and the QNA 2013 Q1 release, on 27 June 2013, a major improvement in the alignment of public sector statistics has been delivered.

A project commenced in September 2012 to improve the alignment of both publications with National Accounts Classification decisions. Over 1,000 data series were analysed for every year between 1997 and 2012 with alignment being achieved in nearly all of the transactions of the non-financial and financial accounts of Central Government, Local Government and Public Corporation. It has impacted PSF totals as well National Account aggregates for these sectors and data of other sectors, such as the Household and Financial Corporations sectors.
Aligned public sector statistics will deliver a number of benefits to users.  Primarily they will:

i. remove the current confusion for users where ONS publish different data in the PSF and National Accounts for the same aggregates

ii. improve the service to stakeholders  who have regularly raised the differences between National Accounts and PSF data as a source of concern

iii. meet the demands of the National Accounts division of Eurostat who have a long standing action on ONS to align the transmitted Government Finance Statistics with the data separately transmitted by National Accounts.

In addition, methodological improvements and improved data sources have been used to improve the data in both Public sector Finances and national Accounts.

As a result of the alignment project, the differences in the net lending/borrowing position of General Government (Central Government and Local Authorities) between PSF and National Accounts have been reduced in 10 of the years since 1997.  In later years, differences will be addressed, if the National Accounts revisions period permits, in the upcoming National Accounts quarterly publications.  The differences in the net lending/borrowing position of Public Corporations between PSF and National Accounts has been reduced in every year since 1997 apart from 2002. 

3. Revisions to PSF

Data and methodological improvements have been made to the PSF and EDP transmission datasets. The primary improvements leading to revisions in the net borrowing of Central Government, Local Government and Public Corporations are set out below:

  • Treatment of road depreciation/renewals in  Intermediate Consumption (P.2) and Gross Capital Formation (P.5)

  • Treatment of Renewable Obligation Certificates (ROCs)  in Taxes on products (D.214) and Subsidies on Products (D.31)

  • Treatment of Cherished Licence Plates in non-produced non-financial assets (K. 2)

  • Corrections to data in Property income receivable (D.4R)and paid (D.4U)

  • New methods have been introduced for artistic originals in Public Corporations

  • Whole of Government Accounts Data have been used wherever possible for Public Corporations

3.1   Revisions to Central Government data

Within the PSNB measures, the impact of the methodological and data changes discussed previously is that Central Government net borrowing has been revised by less than +/- £0.5 billion in each financial year from 1997/98:

Table 1: Revision to Central Government net borrowing as of June 2013, PSF, £ million, current prices

Financial Year Revisions to Central Government net borrowing  (£ million)
1997/98 174
1998/99 353
1999/00 152
2000/01 143
2001/02 455
2002/03 294
2003/04 390
2004/05 283
2005/06 142
2006/07 286
2007/08 302
2008/09 -200
2009/10 -112
2010/11 -276
2011/12 -239
2012/13 -200

Table source: Office for National Statistics

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Discussed below are the main methodological and data changes driving the revision to Central Government net borrowing from 1997.  Revisions shown throughout this document may reflect data changes as well as conceptual changes:

3.1.1  Treatment of road depreciation/renewals

This methodological change addressed the treatment of road renewals data moving it from Intermediate Consumption (P.2), something that is used or consumed as inputs in the production process, to Gross Fixed Capital Formation (P.51), a gross net investment (acquisitions less disposals) in government fixed capital assets. For PSF, this impacts upon Central Government net investment.

From June 2013, National Accounts and PSF will move to a pure depreciation approach for roads, as with other asset types. This required the renewals expenditure on roads currently recorded as intermediate expenditure to be moved to the capital account.

Previously, road repairs were measured using the renewals approach. This assumed that roads wear out very slowly and any repair work maintains them to a consistent standard.  Under this approach, no depreciation is recorded and the maintenance work is recorded as current expenditure.

With the adoption of the depreciation approach it is assumed that the road deteriorates over a period, and this is recorded as depreciation.  Any resulting maintenance work to return the road to its previous condition is then recorded as capital expenditure, an improvement to a fixed asset.

The depreciation approach brings the treatment more into line with international standards on the recording of road depreciation.

Table 2: Revision to Central Government net investment owing to new road renewals treatment as of June 2013, PSF, £ million, current prices

Financial Year Revision to Central Government Net Investment  (£ million)
1997/98 0
1998/99 361
1999/00 395
2000/01 358
2001/02 381
2002/03 404
2003/04 381
2004/05 442
2005/06 518
2006/07 505
2007/08 489
2008/09 497
2009/10 649
2010/11 469
2011/12 491
2012/13 395

Table source: Office for National Statistics

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Table 3: Revision to Central Government intermediate consumption owing to new road renewals treatment as of June 2013, PSF, £ million, current prices

Financial Year Revisions to Central Government intermediate consumption  (£m)
1997/98 0
1998/99 -361
1999/00 -395
2000/01 -358
2001/02 -381
2002/03 -404
2003/04 -381
2004/05 -442
2005/06 -518
2006/07 -505
2007/08 -489
2008/09 -497
2009/10 -649
2010/11 -469
2011/12 -491
2012/13 -395

Table source: Office for National Statistics

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3.1.2 Treatment of Renewable Obligation Certificates (ROCs)

The Renewables Obligation (RO) is designed to encourage generation of electricity from eligible renewable sources in the United Kingdom.

The RO places an obligation on licensed electricity suppliers in the United Kingdom to source an increasing proportion of electricity from renewable sources. Suppliers meet their obligations by presenting Renewable Obligation Certificates (ROCs) to Ofgem. Where suppliers do not have sufficient ROCs to cover their obligation, a payment is made into the buy-out fund.  The proceeds of the buy-out fund are paid back to suppliers in proportion to how many ROCs they have presented.

ROCs are presented within the Central Government accounts of the PSF and National Accounts in the same way.  ROCs are shown as both a tax received on products excluding VAT & import taxes (D.214) and as a subsidy on paid by government on products (D.31).

Although not strictly termed “alignment” of public sector statistics as the data were already harmonised across outputs, there has been a revision to the methodology used in the calculation of ROCs, which impact on the taxes and subsidies data presented.

Prior to PSF May 2013 bulletin, ONS was estimating the value of the ROCs buy-out fund and the payments from the Non-Fossil Purchasing Agency Limited (NFPA) to renewable generators for the purchase of ROCs and electricity. Together these two elements were taken to provide an estimate of the total tax and subsidy flows related to ROCs.

An issue with the methodology was identified relating to the payments from the NFPA.  It was recognised that only a small proportion of ROCs are traded through the NFPA, mainly those that are issued to pre-2002 generators who are part of Non-Fossil Fuel Obligation (NFFO), with most traded directly between suppliers and generators.  In addition, the NFPA figures also included the value of electricity supplied to the NFPA under Non-Fossil Fuel Obligation (NFFO) agreements.

In looking for a more accurate measure, it was observed that all of the ROCs that suppliers are obliged to surrender either have to be bought from the buy-out fund or traded, which led to the conclusion that using the total obligation level would be the easiest way to calculate tax and spend. The new method for the calculation of ROCs is, therefore, equal to the ROCs buyout price multiplied by the industry's overall obligation.

As taxes on production and subsidies on production have been increased by equal and off-setting amounts, there is no impact on the net borrowing position of Central Government:

Table 4: Revisions to taxes (D.214) and subsidies (D.31) on products for Central Government owing to ROCS data changes as of June 2013, PSF, £ million, current prices

Financial Year Revisions to Central Government taxes and subsidies on products (£million)
1997/98 0
1998/99 0
1999/00 0
2000/01 0
2001/02 0
2002/03 13
2003/04 41
2004/05 130
2005/06 213
2006/07 266
2007/08 321
2008/09 569
2009/10 649
2010/11 811
2011/12 999
2012/13 1215

Table source: Office for National Statistics

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3.1.3  Treatment of Cherished Licence Plates

As part of regular quality assurance work, an inconsistency in the treatment of cherished licence plates was found. Part of the ‘Acquisitions minus disposals of non-produced non-financial assets’ (K. 2) transaction for Central Government, the sale of cherished license plates is now considered a disposal for Central Government and an acquisition for Households.   Previously, the reverse treatment was used. Therefore, this series is now recorded as a negative component of the total K.2 for Central Government.

Table 5: Revisions to Acquisitions minus disposals of non-produced non-financial assets (K. 2) owing to new treatment of cherished licence plates. Central Government as June 2013, PSF, £ million, current prices

Financial Year Revisions to Acquisitions minus disposals of non-produced non-financial assets (K. 2) £ million
1997/98 164
1998/99 146
1999/00 168
2000/01 24
2001/02 216
2002/03 142
2003/04 224
2004/05 244
2005/06 220
2006/07 278
2007/08 220
2008/09 208
2009/10 214
2010/11 234
2011/12 172
2012/13 200

Table source: Office for National Statistics

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3.1.4  Corrections to data

Again part of regular quality assurance work, there have been small revisions to Property income, receivable (D.4R) and Property income, payable (D.4U) as systems have been run from 1997:

Table 6: Revisions to Property income, receivable (D.4R) and Property income, payable (D.4U) for Central Government following recalculation as of June 2013, PSF, £ million, current prices

Financial Year Revisions to Central Government Property income, receivable (D.4R), £ million Revisions to Central Government Property income, payable (D.4U), £ million
1997/98 -10 1
1998/99 -90 0
1999/00 -82 27
2000/01 -119 0
2001/02 -170 69
2002/03 -154 0
2003/04 -162 7
2004/05 -16 0
2005/06 -7 -49
2006/07 3 -9
2007/08 31 -12
2008/09 9 27
2009/10 26 0
2010/11 -78 0
2011/12 50 0
2012/13 0 0

Table source: Office for National Statistics

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3.1.5 3G  Mobile Spectrum License fees

Users should be aware that, although not affecting PSF, the reclassification of 3G Mobile Spectrum License fees raised by auction in 2000 ( ”3G License fees”) will cause a large revision in National Accounts publications from 27 June 2013.

In August 2011, the NACC reclassified the 3G License fees from a treatment as rent accrued over the lifetime of the lease (D.45) to a treatment as the sale of a non-produced asset (K.2). This classification change was implemented in PSF (and EDP returns) at the earliest opportunity but was not implemented in the National Accounts. (See ‘2. Background’ for details of revisions policies).  This treatment has been aligned in QNA 2013 Q1.

As result of this change, in National Accounts, Central Government Acquisitions minus disposals of non-produced non-financial assets (K.2) and net borrowing has been revised down by -£22.2 billion in 2000.   From 2001, net borrowing has been revised up by £1 billion a year due to the removal of the old treatment of the licenses as rent (D.45)

 


 

 

3.2 Revisions to Local Authorities (LA) and Public Corporations (PC) sectors

The revisions to the Local Authority and Public Corporations accounts between the results published on 21 June and those published in May are summarised below:

Table 7. Revisions to the Local Authority and Public Corporations accounts, PSF, £ million, current prices (18.5 Kb Excel sheet)

Table 8. Revisions to the Public Corporations accounts, PSF, £ million, current prices (19.5 Kb Excel sheet)

3.2.1  Classification changes

The previous ONS policy of limiting the time series of revisions in each annual Blue Book (described above) left a number of classification changes relating to the Local Authority (LA) and Public Corporations (PC) sectors to be implemented in Blue Book 2013. The major decisions affecting the LA and PC sectors that had previously been taken into Public Sector Finances (PSF) releases but not fully into national accounts are listed below:

i.  Reclassification of London & Continental Railways (LCR).  In June 2009 LCR was reclassified from a Public Corporation to Central Government and so data has now been moved between the two areas.

ii.  Switch of much of BBC Gross Fixed Capital Formation (GFCF). Data from 1992-2003 have been adjusted due to a reclassification of much of BBC from Public Corporations to Central Government. Data post 2003 have already been adjusted for during previous Bluebooks.

iii.  Transfer of Detrunked Roads.  Covering the 2000-2002 period this is where the GFCF data for transfer of ownership of roads has moved from Central Government to Local Government. As above data post 2003 have already been taken onboard in the Bluebook 2006 edition.

iv.  Reclassification of Housing Revenue Account (HRA). HRA is administered by the Local Authorities but due to set up is actually a quasi-Public Corporation. The change from 1997 onwards
is to feed the data through from Local Authorities so that it is included in the Public Corporation figures and excluded from the Local Authority figures.

v.  Reclassification of Infracos. The Infrastructure company (Infracos) was reclassified from a Private Corporation to a Public Corporation with effect of 2003. Data for 2004 onwards had already been taken on in previous Bluebooks.

vi.  Reclassification of British Energy -> British Energy was sold in Jan 2009 and became a Private Corporation from a Public Corporation therefore data has moved between the two from this date.

As well as the above classification changes affecting local authorities and Public Corporations that have been carried over from past years to be taken into Blue Book 2013, there are two that have arisen in the past year.

i.  Equal Pay Grants. This payment, given to low paid public sector workers as a top up, was previously estimated and lumped into 2007Q1 with subsequent data being estimated each year. The data however was sourced from Department for Communities and Local Government (DCLG) for this period and this allowed us to give real quarterly figures for 2006 onwards.

ii.  Revised Treatment of Police and Fire Pensions. This data had previously been included from 2007/8. It has now been included in the pay figures since 2006 when these payments started.

3.2.2  Revised data sources in 2013 Blue Book for Public Corporations

Certain data series relating to Public Corporations are supplied by ONS’s capital branch, which produces capital accounts covering the whole of the UK economy. In 2013, series for Public Corporations’ artistic originals (largely relating to BBC and Channel 4) and capitalised computer software have been revised back to 1997. These affect the calculation of both current receipts (mainly gross operating surplus) and net investment.  The inclusion of the new data has led to significant revisions in the published Public Corporations aggregates, especially altering the balance between current and capital accounts.

3.2.3  Improvements in data sources for later years

This year ONS is introducing a new data source for some of the large Public Corporations - HM Treasury’s Whole of Government Accounts (WGA).  This replaces the previous method of individually analysing Public Corporations’ annual reports, which was very resource intensive, as each report is formatted differently; also, the data had to be extracted manually, increasing the scope for errors. Much necessary detail had to be estimated, as it is not shown separately in the published accounts, and much information was being carried forward from previous years, but is available in WGA. WGA, moreover, supplies each Public Corporations’ data in identical format, without the need for manual intervention. Therefore, WGA provides a much more reliable and efficient way of collecting data for Public Corporations. The ONS will continue to collect quarterly data for the largest eight Public Corporations to help provide more accurate figures for the most recent periods.

Table 9: Revisions to 35 largest Public corporations (WGA source minus previous source) PSF, £ million, current prices

Revisions to 35 largest Public corporations     
        £ million
  2008/09 2009/10 2010/11 2011/12
Current receipts 337 71 489 626
Net investment 74 27 -17 102
Net borrowing -263 -44 -506 -524

Table source: Office for National Statistics

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The above table shows the revisions (WGA source minus previous source) arising from the use of WGA data for the years 2008/9 to 2011/12. Data for later years, in the absence of other information, have largely been projected from the new data source, leading to higher estimates of current receipts (mainly gross trading surplus) for 2012/13, but this will obviously be subject to revision once the WGA data for 2012/3 become available toward the end of 2013. WGA data have been used for some 35 of the largest Public Corporations. Unfortunately, WGA data are not collected separately for Public Corporations controlled by local authorities (the largest of which is (London) Transport Trading Limited) or for many small Public Corporations, which have to be estimated from annual reports. As well as the data from WGA there are revisions from other sources.

Summary of alignment on LA/PC net borrowing

On average the Local Authority Borrowing Requirement for the period 1997/98 to 2012/13 has been revised down by around £40m a financial year and the Public Corporations borrowing requirement up by around £70m a financial year. (Some Housing Revenue Accounts data have been re analyzed affecting the split between the LA and PC sectors – the methodology is explained in ‘ Classification of quasi Public Corporations’ (175.5 Kb Pdf) by Kellaway and Shanks).

The Public corporations requirement shows less borrowing in the last three years, partly reflecting the later data from the WGA being included. Such revisions have always been inevitable when annual reports are received, though the time period is longer this year with the implementation of the new WGA data source.

4. Impact of the method changes on the PSF statistical aggregates

The impact of the method changes on the PSF statistical aggregates published for the first time on 21 June 2013 is as follows:

•   In 2010/11 and 2011/12, public sector net borrowing was revised downwards (on all measures of net borrowing) by £1.8 billion and £2.4 billion respectively. The largest impacts were due to:

  • methodological changes to calculation of public corporation acquisitions and disposals of fixed capital assets, artistic originals and computer software has resulted in upward revisions of between £900 million and £1 billion a year.

  • replacement of previous data on public corporation capital expenditure, gross trading surplus and subsidies with data from the Whole of Government Accounts resulting in a net impact of around £0.5 billion.

•   In 2012/13 all measures of net borrowing have been revised down by £0.1 bn. While the above 2010/11 and 2011/12 method changes continued, there were also;

  • upward revisions to central government of £1 billion due largely to revisions to previous tax receipt estimates;

  • upward revisions to local government of £0.5 billion due to updated capital and current expenditure data as well as an offsetting revision to the Housing Revenue Account imputed subsidies.

This full impact is shown below in Table 10:

Table10: Revisions between the Public Sector Finances bulletin published on 21 June 2013 and the bulletin published on 21 May 2013

United Kingdom £ billion1 (not seasonally adjusted)
    Net Borrowing Net Debt
Financial Years Central government Local government Non-financial PCs PSNB ex (all measures) PSND ex PSND ex as % of GDP2
1997/98 0.2 -0.4 0.6 0.3 6.7 0.8
1998/99 0.4 -0.4 0.1 0.1 7.9 0.9
1999/00 0.2 -0.4 0.6 0.4 5.3 0.5
2000/01 0.1 -0.4 0.7 0.4 5.6 0.6
2001/02 0.5 0.2 0.4 1.1 9.3 0.9
2002/03 0.3 0.2 0.9 1.4 9.5 0.9
2003/04 0.4 0.2 0.6 1.2 12.6 1.1
2004/05 0.3 0 0.7 1 10.5 0.8
2005/06 0.1 0 0.5 0.6 9.9 0.8
2006/07 0.3 0.3 0.5 1 10.4 0.7
2007/08 0.3 0 0.4 0.7 10.9 0.8
2008/09 -0.2 0.2 1.3 1.4 8.9 0.6
2009/10 -0.1 -0.3 -1.4 -1.8 -0.4 0
2010/11 -0.3 -0.2 -1.3 -1.8 3.5 0.2
2011/12 -0.2 -0.1 -2 -2.4 2.3 0.2
2012/13   1.1 0.5 -1.6 -0.1 -4.9 -0.3

Table source: Office for National Statistics

Table notes:

  1. 1 Unless otherwise stated

    2 GDP = Gross Domestic Product

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5. Measures which will be aligned in future National Accounts publications and steps taken to keep public sector statistics harmonised

Alignment of public sector statistics has been achieved as far as possible within production timescales for the affected publications.  However, due to the demands of the annual National Accounts timetable, further alignment activities will be needed for Blue Book 2014.

In practice, any classification decisions made after November of the year prior to the publication of Blue Book will not be aligned for a further year.  Even if classification decisions are taken, a complete data set for those series affected needs to be available by the end of December of the year prior in order to be available for annual Supply-Use balancing, which forms the start of the annual National Accounts production process.

5.1  Measures to be aligned in future National Accounts publications

These constraints have meant that certain transactions in the Central Government accounts will not be aligned following the publication of Quarterly National Accounts 2013 Q1 on 27 June 2013. Examples of transactions to be aligned are:

i.  The methodology used in the calculation of Central Government Interest Received and Paid (D41 Received and D41 Paid) is subject to review.  The methods used in the calculation of Central Government Interest is not consistent across systems, this is currently leading to annual average differences from 1997 to 2012 of £400m (Interest Received) and £100m (Interest Paid) between PSF and National Accounts.

ii.  Road Renewals treatment in Intermediate Consumption.  As discussed  in section ‘4.1.1 Treatment of road depreciation/renewals ‘, a  methodological change for PSF addressed the treatment of road renewals data moving it from Intermediate Consumption  to Gross Fixed Capital Formation . In National Accounts publications, road renewals have been included as a component of both Intermediate Consumption and Gross Fixed Capital Formation. Effectively, Intermediate consumption has been overstated in National Accounts from 1997. Further, road depreciation/renewals appear in both the current and capital accounts of National Accounts.
The largest exaggeration of Intermediate Consumption in National Accounts has been £0.7 billion in 2009/10 decreasing to zero in 1997/98.

iii.  Treatment of Northern Rock Asset Management and Bradford and Bingley.  In February 2013, ONS reclassified Northern Rock Asset Management (NRAM) and Bradford and Bingley plc (B&B) as Central Government bodies, with effect from January 2010 and July 2010 respectively.

In the PSF, NRAM and B&B are now fully incorporated into the debt and borrowing of the Central Government sector, having previously been classified as Public Financial Corporations. However, because of the constraints previously discussed, this decision was reached too late to be included in Blue Book 2013.  Therefore, there will be revisions to Central Government data in National Accounts from Blue Book 2014 to incorporate this decision.

The reclassification of B&B and NRAM into the public sector is discussed further in Annex 1.

Over the course of the year leading to Blue Book 2014, further alignment actions may be added to this list as classification and methodological changes are implemented into PSF at the earliest opportunity.

5.2  Future steps to maintain alignment

From Blue Book 2014, a policy for keeping government statistics published in National Accounts with those published in the PSF will be introduced.  This will be primarily driven by a “repeat” revisions bid to revise public sector statistics outside of the open period for revision of the annual production round in question.  (See ‘2. Background’ for further details on the National Accounts revisions policy).

This measure will ensure that decisions from the National Accounts Classification Committee (NACC) as well as methodological /data revisions are taken into National Accounts at the earliest opportunity.

6. Affected outputs

Aligned public sector data are published for the first time in Public Sector Finances May 2013, published on 21 June 2013.  Users should be aware that this will introduce revisions to key measures of the Public Sector Finances from 1997.  The Quarterly National Accounts, published on 27 June 2013 is the first time these aligned data are presented in a UK National Accounts publication.

Aligned public sector data will be introduced in the publications listed in Table 11.

Table 11: statistical releases affected by the changes

Statistical Release Release Date
Public Sector Finances May 2013 21-Jun-13
Quarterly National Accounts 2013 Q1 27-Jun-13
United Kingdom Economic Accounts 2013 Q1 27-Jun-13
United Kingdom National Accounts – The Blue Book 2013 31-Jul-13
United Kingdom Balance of Payments – The Pink Book 2013 31-Jul-13

Table source: Office for National Statistics

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Background notes

  1. Details of the policy governing the release of new data are available by visiting www.statisticsauthority.gov.uk/assessment/code-of-practice/index.html or from the Media Relations Office email: media.relations@ons.gsi.gov.uk

References

  1. References

    1. Eurostat Manual on Government Deficit and Debt http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/methodology/ESA_95

    2. Press release for re-classification of Northern Rock Asset Management (NRAM) and Bradford & Bingley (B&B) 

    3. Government Deficit and Debt under the Maastricht Treaty, September 2012 Statistical Bulletin.

    4. Public Sector Finances, January 2013 Statistical Bulletin

    5. Government Deficit and Debt under the Maastricht Treaty, March 2013 Statistical Bulletin

8. Annex 1: Northern Rock Asset Management (NRAM) and Bradford & Bingley (B&B) plc

Summary

Following international statistical guidance1 ONS reclassified NRAM and B&B plc from being public financial corporations to being central government bodies, with effect from January 2010 and July 2010 respectively. These financial corporations came into public ownership in 2008/09 and prior to this they were classified as private financial corporations.

The reclassification was first announced in a press release2 on 28 September 2012, and on the same day the biannual statistical bulletin3 “Government Deficit and Debt under the Maastricht Treaty” was released by ONS incorporating the first estimates of the impact of the reclassification on general government deficit and debt. Following this more complete data were sourced for NRAM and B&B. Once the data were available ONS implemented the reclassification of NRAM and B&B within the “Public Sector Finances, January 2013” statistical bulletin4 published on 21 February 2013 and the “Government Deficit and Debt under the Maastricht Treaty” statistical bulletin5 published on 3 April 2013.

The reclassification of NRAM and B&B plc has yet to be implemented in National Accounts, as the full data required arrived after the cut-off point for Blue Book 2013. This is one of the key drivers of differences between central government data in the latest public sector finances and central government data in National Accounts.

Central Government Net Borrowing

Table A1 shows the impact of the reclassification of NRAM and B&B plc on central government net borrowing and the components of current budget deficit and net borrowing. The negative sign in the impact on net borrowing signifies that central government net borrowing has been reduced by the inclusion of NRAM and B&B as central government bodies, i.e. in National Accounts terms NRAM and B&B have higher revenue than expenditure.

Table A1: Impact of reclassification of NRAM and B&B on Central Government Net Borrowing (20.5 Kb Excel sheet)

Central Government Debt and Balance Sheet

The impact of the NRAM and B&B classification on the central government gross debt is the new NRAM and B&B liabilities minus any NRAM and B&B holdings of central government debt.

The impact of the NRAM and B&B classification on the central government net debt however is more complex as central government has B&B and NRAM hold a large amount of central government assets including the loan made by the Financial Services Compensation Scheme, which is classified within central government.

Table A2 shows how the classification of NRAM and B&B has increased both central government gross debt and central government net debt. The figures are illustrative in that they use a fixed figure for the central government liquid assets held by NRAM and B&B when in reality these liquid assets have reduced somewhat since 2010.

Table A2: Impact of reclassification of NRAM and B&B on Central Government Net Debt (19.5 Kb Excel sheet)

The Table A2 impact on central government net debt differs slightly from that quoted in the February Public Sector Finances statistical bulletin4. This is as a result of;

i.  the central government liquid assets held by NRAM and B&B being shown in this table at 2010 levels;

ii.  data improvements made in Public Sector Finances when the reclassification was implemented.


 

9. Annex 2: Changes to public sector statistics published in the UK National Accounts

Revisions to National Accounts data illustrated throughout this Annex are shown on a calendar year basis. Revisions to data from 2011 include the effect of taking on data revisions as part of regular processing.

9.1 Background

A project commenced in September 2012 to improve the alignment of public sector statistics in National Accounts and Public Sector Finances (PSF).  Over 1,000 data series were analysed for every year between 1997 and 2012 with alignment being achieved in nearly all of the transactions of the non-financial and financial accounts of Central Government, Local Government and Public Corporation.  Alignment has impacted on National Account aggregates for these sectors and data of other sectors, such as the Household and Financial Corporations sectors.

As discussed in the main body of this article, various methodological and data changes have been made to the public sector statistics published in UK National Accounts publications. 

9.2.1 Central Government statistics – situation prior to Blue Book 2013

National Accounts has an annual policy which controls the number of revisions to published data. This has meant that since the mid-2000’s not all classification decisions have been fully taken on board into National Accounts.  In addition, data revisions falling before the ‘open period’ have not been incorporated into National Accounts.
Prior to Blue Book 2013, Central Government statistics in the National Accounts were not the same as the Public Sector Finances (PSF) equivalent data across most of the transactions and time periods published.  Shown in the table below are differences between National Accounts and the PSF for selected data series leading to the key ‘Net lending/borrowing’ measure for Central Government. 

The tables used throughout this Annex refer to the UK Economic Accounts 2012 Q4; this was the last public sector data published in National Accounts prior to the publication of aligned data:

Table A3. Comparison of Central Government statistics, UK Economic Accounts 2012 Q4 to Public Sector Finances April 2013, £ million, current prices  (22 Kb Excel sheet)

The large differences throughout the transactions from 1997 contributed to large discrepancies in the net lending/borrowing position of Central Government.  These discrepancies ranged from £338 million in 1997 to £21.1 billion in 2000.

9.2.2 Central Government statistics – Actions taken

For the majority of Central Government series, National Accounts data were brought in line with data contained in the government data transmitted to Eurostat under the Excessive Deficit Procedure (EDP) legislation.  EDP data were taken as the benchmark for Central Government data as they contained both the latest information from data sources and the bulk of National Accounts classification decisions.  Instances where the EDP return was required to change data and/or methods are covered in section 3. Revisions to PSF in the main body of this document.
From Blue Book 2013, the methodological changes made to EDP and PSF have also been made in the National Accounts.  To recap these are:

  • Treatment of road depreciation/renewals in  Intermediate Consumption (P.2) and Gross Capital Formation (P.5)

  • Treatment of Renewable Obligation Certificates (ROCs)  in Taxes on products (D.214) and Subsidies on Products (D.31)

  • Treatment of Cherished Licence Plates in non-produced non-financial assets (K. 2)

A fuller description of these changes can be found in section 3. Revisions to PSF.

In addition, further methodological changes previously incorporated into EDP and PSF were taken into National Accounts:

3G Mobile Spectrum License fees

The reclassification of 3G Mobile Spectrum License fees raised by auction in 2000 ( ”3G License fees”) will cause a large revision in National Accounts publications.

In August 2011, the NACC reclassified the 3G License fees from a treatment as rent accrued over the lifetime of the lease (D.45) to a treatment as the sale of a non-produced asset (K.2). This classification change was implemented in PSF (and EDP returns) at the earliest opportunity but was not implemented in the National Accounts. (See ‘2. Background’ for details of revisions policies).  This treatment has been aligned in Quarterly National Accounts (QNA) 2013 Q1.

As result of this change, in National Accounts, Central Government Acquisitions minus disposals of non-produced non-financial assets (K.2) and net lending have been revised up  by -£22.2 billion in 2000.   From 2001, net borrowing has been affected by £1 billion a year due to the removal of the old treatment of the licenses as rent (D.45).

Transfer of Detrunked Roads between Central Government and Local Government

Central Government (through the Highways Agency) are responsible for the major road networks whilst local authorities are responsible for local roads. The process of transferring roads from Central to Local Government responsibility is known as "detrunking". The process of detrunking began in 2000Q3 and is recorded as capital transfers.  Detrunking appears in the accounts as a movement in Gross Fixed Capital Formation (GFCF) data between the two sectors.

This is an extension back to 2000 of a revision that was implemented in Blue Book 2006, when it was introduced from 2003 onwards.

As result of this change, in National Accounts, Central Government Gross Fixed Capital Formation (P.51) has been revised downwards by £2.8 billion in 2000. Net lending has been affected by £2.8 billion in 2000 only.

London & Continental Railways

There are revisions to Central Government ‘Other capital transfers, paid’ (D.9) and ‘Gross Foxed Capital Formation’ (P.51, from 1997 due to a correction in the recording in National Accounts of the debt assumptions and cancellations by government from LCR London and Continental Railways (LCR) that took place in June 2009, and the associated capital transfers that both preceded and followed.

As result of this change, in National Accounts, Central Government ‘Gross Foxed Capital Formation (P.51) has been revised upwards by approximately £1 billion in 2002 and £900 million in 2003 with lower revisions in other years between 1999 and 2007.

Central Government ‘Other capital transfers, paid’ (D.9) are revised upwards in 2006 (£1.1 billion) and 2009 (£4.1 billion).

Net lending and borrowing has been affected by the same values in the affected years.

Over and under payments of PAYE

HM Revenue and Customs (HMRC) introduced a new PAYE computer system, the National Insurance and PAYE service (NPS), in June 2009.  Unlike the predecessor PAYE system NPS combines all the information that HMRC holds on an individual’s employment and pension income into a single record.  Tax years 2008/09 and 2009/10 commenced under the old PAYE system and were reconciled after the year end using NPS.  Over and under payments that were substantially higher than in previous years were identified for these tax years.

The system change led to large repayments being made in 2010/11 which related to tax years 2008/09 and 2009/10, and a significant but smaller amount of recoveries for those earlier years also being recorded in 2010/11. Previously these repayments and recoveries were recorded to 2010/11, but under the accruals principles by which National Accounts are compiled these should be accrued to the period to which the repayments and recoveries relate.

In September 2011 data became available to be able to accrue the repayments / recoveries to the period to which they belong.  These data were taken into PSF from September 2011 and National Accounts from Blue Book 2013.

As result of this change, in National Accounts, Central Government tax receipts (D.51) increased by £1.7 billion in 2011 and £900 million in 2010.  There are smaller drops in receipts from 2003 to 2010.  Net borrowing has been affected by the same amounts over this period.

Treatment of Cherished Licence Plates

As discussed in ‘3.1.3 Treatment of Cherished Licence Plates’, the sale of cherished license plates is now considered a disposal for Central Government and an acquisition for Households.   In addition, these data have been removed from ‘Miscellaneous current transfers received from other sectors’ (D.75R), where they were previously misclassified.

As result of this change, in National Accounts, Central Government ‘Miscellaneous current transfers received from other sectors’ (D.75R) has been revised downwards by approximately £100 million in every year from 2003 to 2012.

Northern Rock Subsidies

Subsidies paid to Public Corporations and the private sector, as part of the government intervention in Northern Rock have been included in the subsidies paid by Central Government (D.3) for the first time in National Accounts.

As result of this change, in National Accounts, Central Government ‘Subsidies on products, paid’ (D.31R) has been revised upwards by approximately £500 million in 2008 with lower revisions in 2007 and 2009. Net borrowing has been affected by the same values.

Switch of data from Employees social contributions, received (D.6112) to Compensation of Employees (D.1)

As part of regular quality assurance, two series which reflect a switch of employee social contributions, received (D.6112) to Central Government Compensation of Employees (D.1) have been corrected.  Previously these were being double counted in both transactions.

Central Government ‘Employees social contributions, received’ are revised downwards in 2010 by £500 million with small revisions in 2008 and 2009.

Net lending and borrowing has been affected by the same values in the affected years.

9.2.3 Central Government statistics – Revisions to National Accounts data

As a result of the methodological changes described and the data alignment revisions have been made to most Central Government transactions from 1997.  In particular:

  • Net lending by Central Government has been revised upwards in 2000 by £20 billion.

  • Acquisition less disposals of non-produced assets (K.2) have been revised down in 2000 by £25 billion. Effectively, government disposing of assets has led to the higher net lending in 2000.

  • Current taxes on income, wealth, receivable (D.5) have revised up by approximately £3 billion in 2011 and 2012.

  • Social benefits other than social transfers in kind, payable (D.62U) have been revised up by £2.3 billion in 2000 and £1.8 billion in 1999.

  • Capital transfers, payable (D.9U) have been revised up by £6.2 billion in 2000 and £4.0 billion in 2009.

Table A4. Revisions to Central Government statistics, Blue Book 2013 to UK Economic Accounts 2012 Q4, £ million, current prices. (22 Kb Excel sheet)

9.2.4 Central Government statistics – Comparison of data with Public Sector Finances at Blue Book 2013

As a result of the alignment project, the differences in the net lending/borrowing position of Central Government between PSF and National Accounts have been reduced in 12 of the years since 1997. 

The only exceptions to this are 2006, 2007, 2011 and 2012.  In 2006 and 2007, these larger differences are driven by the non alignment of CG Interest received and paid (D4) – see ‘5.1   Measures to be aligned in future National Accounts publications’ for further details. In 2011 and 2012, these larger differences are driven by NA not taking on the latest data in Capital transfers, payable (D9).

The constraints of the National Accounts annual policy have meant that certain transactions in the Central Government accounts will not be aligned following the publication of Quarterly National Accounts 2013 Q1 on 27 June 2013. Examples of transactions to be aligned are:

  • Central Government Interest Received and Paid (D.41 Received and D.41 Paid)

  • Road Renewals treatment in Intermediate Consumption (P.2)

  • Treatment of Northern Rock Asset Management and Bradford and Bingley throughout the accounts.

These are discussed in more detail in ‘5. Measures which will be aligned in future National Accounts publications and steps taken to keep public sector statistics harmonised’.

In later years, differences will be addressed, if the National Accounts revisions period permits, in the upcoming National Accounts quarterly publications. Over the course of the year leading to Blue Book 2014, further alignment actions may be added to this list as classification and methodological changes are implemented into PSF at the earliest opportunity.

9.3 Local Government

A similar approach to the alignment of Central government data was taken for Local Authorities and Public Corporations. The tables below show the large differences between the data in the public sector finances and national accounts at the start of the alignment process. The main reasons for the differences are set out in section 3.2 above.

The second tables in each section show that alignment is very largely complete. The areas still to be covered are mainly in property income payments and receipts where there are still some differences in calculation methodology between the two systems. It is planned that these will be aligned in Blue Book 2014.

The third table in each section shows the revisions since the results published in the last quarterly national accounts run published in March.

Table A5. Comparison of Local Government statistics, UK Economic Accounts 2012 Q4 to Public Sector Finances April 2013, £ million, current prices (23.5 Kb Excel sheet)

Table A6 Revisions to Local Government statistics, Blue Book 2013 to UK Economic Accounts 2012 Q4, £ million, current prices (22.5 Kb Excel sheet)

Table A7. Comparison of Local Government statistics, Blue Book 2013 to Public Sector Finances May 2013, £ million, current prices (23 Kb Excel sheet)

9.4 Public Corporations

Table A8. Comparison of Public Corporations, UK Economic Accounts 2012 Q4 to Public Sector Finances April 2013, £ million, current prices (22 Kb Excel sheet)

Table A9. Revisions to Public Corporations statistics, Blue Book 2013 to UK Economic Accounts 2012 Q4, £ million, current prices (21 Kb Excel sheet)

Table A10. Co (22 Kb Excel sheet) mparison of Public Corporations statistics, Blue Book 2013 to Public Sector Finances May 2013, £ million, current prices (22 Kb Excel sheet)

9.5 Other developments to public sector statistics for Blue Book 2013

A number of significant amendments have been made to the government final consumption expenditure (GGFCE) measures for the 2013 edition of the Blue Book. These covered education, healthcare, deflators and seasonal adjustment.

Each of these is covered in the sections below with the separate impact of each identified as far as possible.

9.5.1 Education

The constant-price education series was reviewed, and concluded that one series which had been forecast for some time and had recently shown excessive volatility should be replaced by a more robust series in Blue Book 2013. Figure 1 illustrates the changes; note that the Blue Book 2012 (BB12) series has been moved to a 2010 base for comparability with the BB13 series. Between 1997 and 2011 the Bluebook 13 (BB13) series grew by 6.4% whereas that of BB12 grew more slowly, by 5.3%.

The annual differences in growth between BB12 and BB13 range from -0.4% to +0.6% with average (geometric) annual growth rates slightly higher for the BB13 (0.5%) than for its BB13 counterpart (0.4%).

Table A.11: Education constant-price growth

  BB12 BB13 difference
1998 1.2% 0.8% -0.4%
1999 1.0% 1.4% 0.4%
2000 0.6% 1.0% 0.3%
2001 0.9% 0.6% -0.3%
2002 1.2% 1.0% -0.1%
2003 0.1% 0.7% 0.6%
2004 0.0% 0.1% 0.1%
2005 0.0% -0.5% -0.5%
2006 -0.4% -0.5% -0.1%
2007 -0.1% -0.1% 0.0%
2008 -0.5% -0.3% 0.2%
2009 0.1% 0.5% 0.3%
2010 0.5% 0.6% 0.0%
2011 0.7% 1.3% 0.6%

Table source: Office for National Statistics

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9.5.2 Healthcare

As part of the detailed work which was carried out for the 2012 Healthcare Productivity article a number of improvements, revisions and corrections were made to the chained volume (CVM) output measures and these have been fed into the National Accounts data to maintain consistency and accuracy.  The improvements involved, in particular, a more accurate process of matching the large numbers of categories of medical activities between successive years, revisions occurred as most recent data were taken on, and some errors from earlier estimates were discovered when calculations were reworked. The impact of these changes has been to alter the growth rates in the back series.

Table A.12 shows the annual growth rates. The revised series exhibited higher growth than for BB12 in ten of the fourteen years, with output increasing, on average, by 4.4% for BB13, but only 3.5% for BB12. However, output has declined in three of the last five years, although average growth is still superior for BB13.

Table A.12: Healthcare CVM growth

  BB12 BB13 difference
1998 1.8% 4.1% 2.3%
1999 3.1% 3.7% 0.6%
2000 3.0% 4.6% 1.5%
2001 4.2% 6.6% 2.3%
2002 3.7% 3.3% -0.4%
2003 3.8% 5.3% 1.5%
2004 4.2% 5.4% 1.2%
2005 3.4% 6.0% 2.6%
2006 3.6% 4.6% 1.0%
2007 4.3% 3.3% -0.9%
2008 3.3% 5.9% 2.7%
2009 5.6% 4.3% -1.3%
2010 3.3% 2.4% -0.9%
2011 1.9% 2.8% 0.9%

Table source: Office for National Statistics

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9.5.3 Deflators

For those areas of government for which no direct output measures are produced deflators are used to convert the current prices of those series into their real terms (constant price) equivalents. These deflators cover compensation of employees (CoE), intermediate consumption and consumption of fixed capital (CFC) for each of the constituent sub-sectors of government. The deflators for CoE and CFC had not been updated for several years, so new figures were introduced for these as well as revised estimates of the deflators for intermediate consumption.

Average annual growth was, consequently, slightly higher for BB13: 2.4% compared to the 2.3% which would have ensured if the deflators had not been revised. However, there is a more noticeable impact in recent years.

Table A.13: Deflator effects on GGFCE

  GGFCE CVM growth
  BB13  BB13  difference
using old deflators using new deflators
1998 2.9% 3.0% 0.1%
1999 2.9% 2.9% 0.0%
2000 3.5% 3.5% 0.0%
2001 3.6% 3.7% 0.0%
2002 4.0% 4.0% 0.0%
2003 4.0% 4.0% 0.0%
2004 3.7% 3.8% 0.1%
2005 2.1% 2.2% 0.1%
2006 2.2% 2.2% 0.0%
2007 0.7% 0.7% 0.1%
2008 2.1% 2.1% -0.1%
2009 0.5% 0.7% 0.3%
2010 0.6% 0.5% -0.1%
2011 0.2% 0.0% -0.2%

Table source: Office for National Statistics

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9.5.4 Seasonal adjustment

Reviews of the seasonal-adjustment process for specific sets of data are carried out periodically: this took place for general government final consumption expenditure early in 2013. The review covered the disaggregated series in local and central government for the various sub-sectors - health, education, social protection, justice, fire, police, military defence, public administration and a few smaller areas, as well as the top level series. In place of seasonal-adjustment models being automatically applied to each series, models were constructed to deal with the specific seasonal patterns exhibited by these series. Particular attention was paid to ensuring correspondence between the models used for the CP series and their CVM counterparts, so that erratic implied deflators should no longer arise. The amended seasonal-adjustment models recommended as a result of the review have been implemented for Blue Book 2013, after careful consideration of their impact and relevance.

Although these models do not affect the annual figures, they do affect the quarterly path. However, as Figures A4 and A5 illustrate, the impact on total GGFCE from a CP and CVM perspective is limited.

Figure A4: Seasonal-adjustment impacts on current price (CP) GGFCE

Figure A4: Seasonal-adjustment impacts on current price (CP) GGFCE
Source: Office for National Statistics

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Figure A 5: Seasonal-adjustment impacts on constant price (CVM) GGFCE

Figure A 5: Seasonal-adjustment impacts on constant price (CVM) GGFCE
Source: Office for National Statistics

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Because of other revisions (PSF alignment, healthcare, deflators, etc.), the underlying, non-seasonally-adjusted series (NSA) follow a slightly different path, and this makes direct comparison of the impacts of the new seasonal-adjustment models difficult. Nevertheless, by comparing the seasonally-adjusted (SA) series for BB12 and BB13 to their NSA counterparts, it is possible to gain a reasonable insight as to the effects of the new models.

Table A.14 shows the divergence between the non-seasonally adjusted and the seasonally- adjusted values of GGFCE. For current price (CP) data the mean absolute divergence from the NSA falls from 0.7% to 0.5% for BB13 and the variability also reduces (as shown by the other three measures - standard deviation, maximum and minimum). On the other hand, the SA constant price (CVM) data tend to move slightly further from the NSA, with a mean absolute divergence increasing from 0.5% to 0.6% and slightly wider range.

Table A.14: Impact of revised seasonal adjustment

  CP BB12 CP BB13 CVM BB12 CVM BB13
Absolute mean 0.7% 0.5% 0.5% 0.6%
Standard deviation 0.9% 0.6% 0.7% 0.7%
Maximum 1.5% 0.9% 1.3% 1.5%
Minimum -2.6% -1.7% -1.3% -1.6%

Table source: Office for National Statistics

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9.6 Government statistics – Blue Book 2014 and beyond

From Blue Book 2014, a policy for keeping government statistics published in National Accounts with those published in the PSF will be introduced.  This will be primarily driven by a “repeat” revisions bid to revise public sector statistics outside of the open period for revision of the annual production round in question.  (See ‘2. Background’ for further details on the National Accounts revisions policy).

This measure will ensure that decisions from the National Accounts Classification Committee (NACC) as well as methodological /data revisions are taken into National Accounts at the earliest opportunity.

Get all the tables for this publication in the data section of this publication .
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