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News - 2 January 2015

Bank Of England To Monitor Social Networks

The Bank of England has set up a special taskforce to monitor the internet and social networks for early signs of Britain's economic ups and downs.

The special team, set up by the Bank's chief economist, Andy Haldane, has been charged with exploring how new unconventional sources of data could improve its picture of Britain's recovery.

Stuart Coleman, Data Protection Officer at ABDS comments:
“The bank has started to explore using unconventional data, including data gleaned from analysing internet activity, after it found that it could be more timely than the official data. Examples of this are the frequency of internet job searches, or of prices online, which can give one an insight into the prospects for unemployment and inflation.”

Mr Haldane said the Bank was already using new data sources, including a massive "big data" database on mortgages, which helped them decide to impose their new constraints on the housing market earlier this year.
"Some of those interventions were calibrated by analysing this big database on mortgage borrowing by pretty much everyone in the UK," he said.

For those who are looking for a more personal approach on a range of individual and business related issues, contact us at ABDS.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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