UK regulator gives thumbs down to household wealth statistics
Britain's statistics regulator ruled on Friday that official data on how rich British households are can no longer be treated as reliable, in another blow to the Office for National Statistics.
The suspension of accredited status for the data by the Office for Statistics Regulation comes as the ONS is under investigation by the government over long-running problems with labour market data and follows a significant error in April's inflation data and the suspension of producer price figures.
"Declining response rates and a lack of investment have significantly impacted the quality of the survey data, which measures the financial wellbeing of households across Great Britain," the regulator said.
The most recent version of the wealth data, published in January, stated that the median British household had wealth of 293,700 pounds ($397,552), with the top 10% of households being worth at least 1.2 million pounds and the bottom 10% under 16,500 pounds.
The regulator said the survey, which began in 2006, had provided "crucial economic data on assets, savings, debt and retirement planning that informs state pension levels, academic research, and both monetary and fiscal policy development."
The regulator said it had given the ONS instructions on how to improve the data and expected a progress report in September.
Declining response rates lie at the heart of the problems with the ONS' Labour Force Survey - used to calculate the unemployment rate and inactivity in the labour force, key data points for the government and the Bank of England.
The BoE and the regulator have said the fall in responses to the often lengthy ONS surveys appeared sharper than in other countries which collect similar data. ($1 = 0.7388 pounds)
(Reporting by David Milliken; editing by William James)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
20 hours ago
- Arabian Post
G42 Plants Flag in London to Power Europe's AI Ambition
G42 has unveiled a new London‑based subsidiary, G42 Europe & UK, designed to amplify its AI infrastructure and services across the United Kingdom and continental Europe. The entity, co‑chaired by Omar Mir and Marty Edelman, will deliver end‑to‑end AI offerings—from advisory and model deployment to supercomputing infrastructure—for sectors including finance, healthcare, energy and manufacturing. The launch comes as G42 continues its strategic European rollout, following the roll‑out of AI compute clusters and data‑centre capabilities in France and Italy. Positioned at the heart of London, the new hub aims to serve as a local nexus for AI innovation, bridging the gulf between regulatory frameworks and technological delivery. Omar Mir, an international board member at World Wide Technology with more than two decades of experience in 5G, cloud and AI services across Europe and the Middle East, will co‑lead the initiative. His counterpart, Marty Edelman, G42's group general counsel, brings deep expertise in legal oversight and governance—a reflection of G42's emphasis on secure, sovereign deployment in regulated markets. ADVERTISEMENT Mir emphasised the vision: 'Our goal is to harness G42's proven AI expertise and localise it for European and UK businesses—fuelling digital transformation, enhancing competitiveness, and building resilient, sovereign AI infrastructure in partnership with public and private stakeholders'. Edelman added that the UK and Europe represent dynamic markets with significant scope for AI‑driven innovation, and that a London hub enables the company to align closely with local regulatory regimes. G42 Europe & UK will leverage the group's global computing backbone—comprising supercomputing nodes, data centres and AI‑modeling platforms—to deliver a full spectrum of capabilities. Services will span strategic advisory, AI model development, infrastructure deployment and managed services, all with a focus on local data sovereignty and regulatory compliance. The initiative complements G42's earlier announcements of strategic investments in AI infrastructure in France and Italy. In Italy, G42 is partnering on a €1 billion supercomputing build with iGenius, while in France it has established an AMD‑powered AI facility in Grenoble. The London operation is expected to accelerate regulatory engagement and foster partnerships tailored to the European sovereignty agenda. Analysts suggest the move is part of a broader ambition by the UAE and G42 to position themselves as credible alternatives to US and Chinese cloud and AI providers. By offering sovereign, locally governed infrastructure, G42 aims to appeal to European clients seeking secure, high‑performance computing solutions. G42's broader portfolio, including Khazna data centres, Core42 sovereign‑cloud capabilities, cybersecurity firm CPX, analytics outfit Presight and AI lab Inception, will support the London hub's operations. This integrated ecosystem underpins G42's 'Intelligence Grid', a unified platform delivering enterprise‑grade AI research, analytics and cloud services. London's strategic significance is two‑fold. As a pre‑Brexit financial and regulatory anchor, it provides a gateway to both UK and EU markets. Moreover, it enhances G42's ability to work alongside national and regional authorities in shaping next‑generation AI infrastructure and data governance frameworks. Employee responses on social media underline the positive reception. A post from G42's LinkedIn noted the subsidiary 'will drive localized AI solutions and lead infrastructure build‑outs across the UK and continental Europe,' garnering broad applauds from industry peers. Industry observers acknowledge that G42's European foothold aligns with wider trends in AI geopolitics. Investment in local compute and data sovereignty reflects growing European determination to reduce dependency on US or Chinese technology ecosystems while scaling home‑grown digital capacity.
Arabian Post
a day ago
- Arabian Post
G42 Stakes Claim in Europe with London AI Hub
G42 has inaugurated a London-based subsidiary, named G42 Europe & UK, marking a strategic expansion into the continent's private and public sectors. The entity aims to deliver AI-driven solutions and collaborate with governments and industry partners to erect critical AI infrastructure across continental Europe. The new operation will be co‑chaired by Omar Mir, a board member at World Wide Technology with over 20 years' experience in 5G, edge computing, cloud and AI deployments, and Marty Edelman, G42's group general counsel leading legal and compliance strategy for its global operations. G42 Europe & UK intends to localise the parent group's 'supercomputing nodes, data centres and AI capabilities' to support end‑to‑end AI services—ranging from advisory and model development to infrastructure deployment and managed services—across sectors including finance, healthcare, manufacturing and energy. ADVERTISEMENT Omar Mir stated the goal is 'to harness G42's proven AI expertise and localise it for European and UK businesses — fuelling digital transformation, enhancing competitiveness and building resilient, sovereign AI infrastructure in partnership with public and private stakeholders.' Marty Edelman described the region as a 'dynamic market with immense opportunity for AI‑driven innovation,' emphasizing London's relevance as a hub with deep regulatory understanding. This launch follows G42's broader continental push, tied to its data‑centre and high‑performance compute announcements in France and Italy, including a €1 billion supercomputing initiative with iGenius in Italy and an AMD‑powered facility in Grenoble. That wave of infrastructure expansion reflects Abu Dhabi's growing AI footprint in Europe. Analysts view the move as part of a broader UAE strategy aimed at offering European markets an alternative to leading US and Chinese AI suppliers, positioning G42 as a sovereign‑oriented provider of AI compute services. The London hub is expected to accelerate regulatory engagement and foster collaborations tailored to the region's data sovereignty agendas. G42's portfolio of specialised subsidiaries—including Khazna Data Centers, Core42 sovereign cloud, cybersecurity firm CPX, analytics arm Presight and AI lab Inception—will underpin the expansion, offering a comprehensive suite of AI infrastructure and services. Regional demand for locally governed, secure AI infrastructure continues to grow. G42's expansion is aligned with high‑profile European initiatives, such as the Italian supercomputer and AI campus in France backed by Abu Dhabi investment. London's hub will provide direct interface with European regulators and corporate partners seeking sovereign solutions outside dominant US/Chinese tech ecosystems. G42 Europe & UK is expected to engage with national and regional bodies to support regulatory frameworks and technological standards, as it rolls out next‑gen AI infrastructure. Its services aim to blend advanced technology nodes with legal and governance oversight suited to European data and digital resilience priorities. Observers suggest the London operation not only signals G42's ambition to be a key infrastructure partner in Europe, but also frames Abu Dhabi's broader economic diplomacy. With partnerships including Nvidia, AMD and Microsoft, and high‑capacity projects like Stargate UAE, G42's European hub is expected to amplify the UAE's influence in global AI development.
The National
2 days ago
- The National
The Sobha Realty partnership helping Arsenal's training ground get match-fit
Blink and you would miss it. The entrance to the Sobha Realty Arsenal Training Ground is a cutaway in a high hedge running along a row of detached houses where the rolling English countryside meets the motorway network. A trailblazing centre that was bought and opened in the era of Arsene Wegner's 2003-2004 Invincibles team, the 147-acre site north of London is also a jewel in the global ambitions of the Sobha Realty property empire. Naming rights were acquired this year, allowing the real estate company to place the team as its prime marketing vehicle. No one could act as a greater champion of the talking points of the training ground than facilities manager Sean O'Connor. No one except perhaps the former player Tony Adams, who was captain of the club when the 10 new all-weather pitches first opened around the turn of the century. In fact, the pair make a practised double act, with Mr O'Connor still referring to Mr Adams as captain. Figures about the ground trip lightly from O'Connor such as the 17 miles of pipes under the pitches or the £1 million cost of replacing the hybrid grass, cork and fibre first team practice pitch. A hanger-like gym facility with training and rehabilitation equipment, including a gravity-altered treadmill adapted from Nasa technology was the last big opening at the Hertfordshire site in 2018 when Unai Emery was the manager. O'Connor hints that another big redevelopment could be on the cards talking about accommodation facilities and partnerships, including specialist health care and rehabilitation ventures. New levels of ambition for the facility are central to the potential that Juliet Slot, the chief commercial officer of the club and linchpin of the relationship with Sobha, sees as underwritten by the sponsorship template. 'You get a sense of the care and attention that goes into every detail to create the best environment to fuel our teams' performance,' she said. 'Excellence is at the heart of our partnership. Bringing them on board as our naming rights partner for the training ground was something new for us, and their expertise is helping us to realise new opportunities for the space, and ensure we are always moving forward in creating world-class facilities for the future.' The effort to create awareness in the UK of Sobha as a property developer focused on developments in the Middle East, or indeed in Texas and India, is not limited to the TV coverage of the club that came second in the league last season, qualifying for Europe's Champions League football in 2025-26. The company has also raised awareness with a place on the hallowed turf at Lord's during this week's ICC world test championship of cricket. There is also a Sobha showroom on the most prized part of the Monopoly board in Park Lane, central London. The studio on Park Lane is a statement for the business, like the high-profile tie-up with Arsenal, designed for maximum impact. The location is obviously prestigious and a lure for inviting potential clients. It also is well located for people who walk in after recognising the brand or seeking it out online. For the marketing channels that Sobha maintains in the UK such as its real estate agents, the studio is also a place of hospitality. Displays of new developments dot the two floors of the building, which overlooks Hyde Park. Sales staff are able to promote Dubai as attractive to the UK investor for a cavalcade of reasons. Property investors in the domestic market are beleaguered and complain of a lost decade. Property taxes are higher, prices are volatile and not now growing as fast as the previous decade. Rental yields do not clearly exceed the interest and tax levels to give super returns. The attractions of releasing UK property equity and recycling the funds into Dubai holdings have only grown since the end of the Covid-19 pandemic. A new trend for the sales team is the wave of UK residents who have reacted negatively to recent increases in taxes and the stalled growth of the overall economy, seeking new careers and better lifestyle options in Dubai and the region. With moving to Dubai on the cards, many new clients are buying off-plan in London with an eye on moving into the development some time after they have set up their new jobs. 'We're witnessing a growing interest in the UK from investors, individuals, and families opting for Dubai as their new home, reflecting an expanding allure of Dubai as an ideal destination globally,' said Ashish Parakh, group chief sales and marketing officer. 'We are dedicated to facilitating this transition by focusing on developing integrated communities that provide physical space, a sense of belonging, opportunity, and long-term value. We offer tailored services designed for international residents. We guide UK buyers through each stage of their journey to Dubai, enabling them to embark on this new chapter in their lives.' The company likes to boast it has central locations, villa communities, penthouse apartments and mansions. Most popular is the four or five bedroom home, which is attractive to the demographic of UK residents in their 30s or 40s who boast globally transferable skills. There are lots of UK professionals working in IT, Finance, real estate and technology businesses that are moving over to the UAE, the Sobha staff said. Where once it was investors or those looking for a holiday home, now it is those moving over. The attractions outside the strictly business aspects are to create a new way of life, to have a lot more day-to-day safety. Many are taking their families on the move and so need that bit more space. There is also a younger layer of buyer in their 20s or sub-30s with a niche set of buyers with YouTube and influencer profiles. At the Arsenal main stadium the Sobha presence is right next to the club's own media parlour. It is awash with YouTube talent every week. Another meeting place of the shared interests between the north London club and the UAE-focused developer.
