ONS Revises 2012 Statistics

As loyal readers know, I am not a fan of the ONS and have noted many times that the statistics published by the ONS are out of date and inaccurate.

However, even by ONS standards their latest revision of figures takes the biscuit.

The ONS has revised upwards the GDP figures for 2012 (yes, 2012!) by quite a significant margin.

ONS revision: "By the end of 2012 economy was -1.7% below its pre-recession peak compared to the -4.0% previously thought".
— Paul Waugh (@paulwaugh) September 3, 2014

This again shows that for governments and businesses to rely in any way on the statistics provided by the ONS is foolhardy indeed, and will inevitably lead to costly errors of policy and strategy.