*** This event has been postponed and will be rescheduled for another term ***
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This talk will be co-presented by Kerstin Hötte, François Lafond and Johannes Lumma
ABSTRACT:
Recently, the UK Office for National Statistics (ONS) has been working with the UK payment system operator to acquire anonymised and aggregated data focusing on transactions at the level of SIC-5 industries nationally and SIC-2 regionally. Starting with an aggregated prototype dataset comprising more than >500m financial transactions worth >£7.5tn from 2015-2022, we assess the feasibility of developing statistics consistent with national accounting standards, but based on population-scale naturally occurring data in real time. In particular, we aggregate our dataset to compare it with published Input-Output tables from the ONS, and discuss observed differences in light of specific accounting rules and measurement issues, thus providing a roadmap to tackle key bottlenecks. Next, we discuss the properties of the more disaggregated networks, providing the first picture of the UK national inter-industry network at the 5 digit level, and of the UK regional inter-industry network based on observed data. We conclude with a research agenda for the use of this dataset in applications, such as nowcasting or evaluating the impact of Brexit and Covid-19.