§ Mr. ColmanTo ask the Chancellor of the Exchequer if he will make a statement on the implications of the proposed change in the calculation of the main figure for GDP from factor cost to market prices. [34001]
§ Mrs. LiddellThe information requested falls within the responsibility of the Chief Executive of the Office for National Statistics. I have asked him to arrange for a reply to be given.
318WLetter from Tim Holt to Mr. Tony Colman, dated 12 March 1988:
As Director of the Office for National Statistics (ONS), I have been asked to reply to your parliamentary question on the implications of the proposed changes in the calculation of the main figure for GDP.From September 1998 the UK will implement the new European System of Accounts (ESA95), both for UK publication and for data provided to Eurostat and other international organisations. As part of this process, GDP at market prices would become the main figure reported for GDP. This is one of a number of changes being considered which would affect the presentation of the UK national 319W accounts. The change to market prices would bring UK practice into line with most other countries and hence help to make international comparisons more meaningful.The ONS has been consulting users about these changes and intends to announce the outcome of the consultation in a News Release during April.