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Bank of England using internet to make policy
Business digest: Internet search data ‘will become increasingly useful source of economic data’
The Bank of England may use the internet more to track consumer habits, in an attempt to make its policymaking on issues such as inflation more current and boost its sinking reputation.
The Bank already uses the internet to track labour and housing markets, but admitted that for other areas, "official economic statistics are generally published with a lag".
Internet search data will become "an increasingly useful source of information about economic behaviour", it announced in its latest Quarterly Bulletin.
It also admitted that public dissatisfaction with it had risen since the middle of last year, blaming the news on growing fears over high inflation.
Read a full report at the Daily Telegraph. ·
