corbettreport  December 11 2013

Late last month former Bank of Canada governor and recently-appointed Bank of England governor Mark Carney surprised many by criticizing the quality of the economic data being provided by the UK’s Office for National Statistics.

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To be clear, what was surprising was not that the ONS data is incomplete and misleading; everyone with an ounce of economic understanding already knew this. What is surprising is that a high-ranking bank official was admitting that the data they and the market in general is relying on is so unreliable. Find out more about the practice of cooking the books in this edition of The Corbett Report.