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Ignore ONS weak data over banks and jobs, former banker warns public on Thu 1st January, 2015
Scandal of Government's positive jobs growth data puffed up with Zero hours contracts while Bank of England could suffer due to poor data from Office of National Statistics.
aspect.co.uk boss Will Davies has warned the public to take ONS data “with a pinch of salt”. This has come after recent information discovered “a major error” in 2013’s national account statistics that affected the gross output and intermediate consumption of corporations and households from 2008 and 2011.
The governor of the Bank of England Mark Carney once told MPs that ONS flow-of-funds data needed “a lot of work”, but, according to Davies, who was a banker at Societe Generale for seven years, said the government are trying anything to revert the blame from themselves over the slowing rise in the economy.
“This is another fine example of banker bashing that is shaming the nation,” says Davies, “It’s another excuse for the government to say that the Bank of England are in the wrong”.
Davies has been sceptical about certain ONS data since they announced the zero-hour contracts figures last April.
Davies is a supporter of zero-hour contracts. But he believes these figures should not be used to give the appearance of jobs growth.
"There are 1.4 million zero-hour contracts signed in the UK. When the [ONS] survey is done, anyone working an hour or more a week is added into government jobs growth puff".
"This is highly misleading," says Mr Davies.
"We get given the false impression the sun is out and we heading towards full employment".
"Whilst I am a big fan of zero-hours contracts, these should not be used to pull the wool over people's eyes".
"It’s the misuse of zero-hours data that is largely making it look like the youth unemployment situation is being alleviated when it isn't".
Recent statistics from the Office of National Statistics shows that the number of those who are unemployed is under two million for the first time since 2008.
John Price, Hillgrove PR.
T. +44 (0) 20 3603 0366