24 February 2016
An error has been identified with the levels of shares, mutual funds and bonds in the Sector and Financial Accounts and in the Balance of Payments and International Investment Position. These levels are under-reported in most periods from 2011 onwards. This issue also affects unlisted shares and the level of dividend and bond interest receipts between sectors.
Provisional estimates for 2011 show an increase in the UK's net borrowing of approximately £1 billion and a decrease in the UK's financial net worth of approximately £34 billion. Consequently, the Rest of World net lending position shows an increase of approximately £1 billion leading to an increase in the current account deficit of approximately £1 billion within the Balance of Payments. Revised figures for all series will be published within the Quarterly National Accounts and Balance of Payments on 30 June 2016.
A more detailed explanation will be provided in an article 'The UK Flow of Funds Project: Improvements to the Sector and Financial Accounts' to be published on 24 February 2016. Full indicative impacts will be discussed in further articles 'Detailed assessment of changes to Sector and Financial Accounts, 1997 to 2011' and 'Detailed assessment of changes to Balance of Payments and International Investment Position, 1997 to 2011' to be published on 26 April 2016 and 'Detailed assessment of changes to Sector and Financial Accounts, 2012 to 2014' and 'Detailed assessment of changes to Balance of Payments and International Investment Position, 2012 to 2014' to be published on 7 June 2016.
Further information and a list of all the affected CDIDs will be provided in the aforementioned articles.
An error has been identified during further quality assurance of the GFCF dataset published as part of our annual Blue Book publication on 30 September 2015. The affected series are NPQT, NPQR, NPQS, NPQX, NPEL, NPEN, NPEK, NPEM, L636, L62K, L62T, L5ZQ, DLWL, DLWI, TLPX, DLWZ, DLWO, DLWM, TLPW, DLXI, DLWT, DLWQ, EQED, EQEC and their associated growth rate series. Higher level aggregates including Gross Domestic Product are also affected.
Data will be revised and fully incorporated into the GFCF and GDP estimates in the Blue Book consistent Quarterly National Accounts release to be published 30 June 2016.
Further detail on the expected impact on GFCF and GDP estimates will be provided in the articles listed
'Impact on GDP Current Price annual estimates 1997-2011' published 24 February 2016
'Impact on GDP Chained Volume Measure annual estimates 1997-2011' to be published 23 March 2016
'Impact on GDP Current Price and Chained Volume Measure quarterly and annual estimates 1997-2014' to be published 20 May 2016
An error has been identified in the estimate of holdings of property for both RoW assets (direct investment in the UK) and RoW liabilities (UK direct investment abroad). Data from 1999 to the latest period are affected, impacting series:
Higher level aggregates within the financial balance sheet of each impacted sector (Households, PNFCs and RoW) are also affected. Users are advised that there is no impact on other accounts. Further information is provided within the Pink Book 2015 release page.
We apologise for any inconvenience this may have caused.
