ONS publishes first VAT data

ONS has today published the first set of VAT turnover data. Once fully developed, the new VAT data will be an important new data source for GDP, delivering greatly improved detail about the UK economy, with more detailed industry-level data, better geographic breakdowns and more information about small businesses. In addition, this new data source will give ONS an almost complete picture of the turnover of UK businesses within 5 months of the end of each quarter, as well as potentially reducing the frequency of GDP revisions. Commenting on the new VAT data, ONS Director of National Accounts, Nick Vaughan said: