On 3 October 2024, the Bank of England (BoE) published a speech on “Enhancing our national asset: Maximising the value of data collections across the financial sector“, which was delivered by its Executive Director for Data and Analytics Transformation and Chief Data Officer, James Benford.
In the speech, Mr Benford explains that the BoE is working to transform how it collects, uses and shares its data, to maximise its value. He says that transforming statistical productions and working with the Financial Conduct Authority, international regulators and industry to transform data collections is key to this. This work facilitates the international competitiveness of the UK economy and its medium- to long-term growth, as well as enhancing the data supporting supervision.
Mr Benford highlights two key points:
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Data that is more timely and more attuned to user needs will better support monetary and financial stability and contribute more broadly to economic growth. Enhancements to the