Office of National Statistics receives £10 million investment to give it more weight in the big data arena
A Data Science Campus is to be set up within the Office of National Statistics (ONS), with Chancellor George Osborne pledging more than £10 million in the Budget to meet the recommendations of the Charlie Bean review on economic statistics.
The ONS said the hub will be based at its headquarters in Newport and provide research for the whole of government. The organisation plans to work with academic bodies on producing more real time economic statistics so it can spot trends more quickly.
Osborne also gave the go ahead for an Economics Centre of Excellence at the ONS, which will help it to develop partnerships with academics and experts in an effort to 'future proof' economic statistics.
Jonathan Athow, deputy national statistician for economics at the ONS, said the moves should help it to provide policy makers with better insights into the economy.