• WBS to help develop a cultural change in way UK economic data delivered
  • Bean Review highlighted need for new body to measure modern economy
  • School part of ONS' new Economic Statistics Centre of Excellence
  • It will also work to minimise misinterpretation of economic statistical releases

Warwick Business School has partnered the National Institute of Economic and Social Research (NIESR) to develop the new Economic Statistics Centre of Excellence (ESCoE) for the Office of National Statistics (ONS), following a tender process.

King’s College London, innovation foundation Nesta, University of Cambridge and Strathclyde Business School are also part of the partnership being led by NIESR. 

The Centre will provide ONS with research that addresses the challenges of measuring the modern economy, as recommended by Professor Sir Charlie Bean in his recent Independent Review of UK Economic Statistics.

Related course: Executive MBA

Rebecca Riley, of NIESR, who will be the new Centre’s Director, said: “Our vision is ambitious, involving a cultural change in the delivery of economic statistics. The Centre provides an exciting opportunity for making significant inroads into developing and improving economic statistics.”

James Mitchell, Professor of Economic Modelling and Forecasting at Warwick Business School, said: “An important aspect of ESCoE’s work will be to help minimise the scope for misinterpretation in statistical releases, one of the problems highlighted in the Bean Review.”

Richard Smith, of University of Cambridge, who will be the Centre’s Academic Co-Director, said: “I am delighted that ONS has decided to recognise NIESR in this fashion.

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"I am looking forward to contributing to the establishment of ESCoE in partnership with ONS as an international focal point both for research and development of world-class economic statistics and for building intellectual capacity in economic statistics in the UK.”

Hasan Bakhshi, of Nesta, added: “The availability of new online data sources and powerful statistical techniques from data science has in recent years revolutionised the way Nesta does quantitative research.

"We’re thrilled, as part of the ESCoE partnership, to be working with the ONS in now driving forward the use of big data in economic statistics.”  

Mary O'Mahony, of King's College London, said: “We are looking forward to contributing to enhancing research on economic statistics and building the next generation through PhD studentships and influencing the way that economic statistics are embedded in the curriculum in universities and schools.”

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Graeme Roy, Director of the Fraser of Allander Institute at Strathclyde Business School, said: “As part of ESCoE we are looking forward to help meet the growing demand for high-quality regional economic statistics.”

James Mitchell is part of the Warwick Buisness School Forecasting System (WBSFS) and teaches Economics of the Business Environment on the Executive MBA and Executive MBA (London), plus Managing in a New World on the Full-time MBA.