Business and Finance

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1 Methodology of the Monthly Index of Services Business and Finance The published Index of Services component for Business and Finance estimates short-term changes in gross value added in the service sector covering the provision of corporate and financial services, real estate activities and renting of goods. It corresponds to sections J and K of the SIC(2003), which collectively represent approximately 40 per cent of total services (30 per cent of total GDP). The Business and Finance index is compiled as a weighted aggregate of eight division (SIC 2-digit) level data series covering: Banking (SIC division 65); Insurance and pensions (SIC division 66); Other financial services (SIC division 67); Real estate (SIC division 70); Renting of goods (SIC division 71); Computer services (SIC division 72); Research and development (SIC division 73); and Other business services (SIC division 74). A variety of different data sources is used to compile these indices. The data used to measure each SIC division are described below. Banking SIC division 65 covers all forms of financial intermediation except insurance, pensions and the various services that support the finance industry (such as the Stock Exchange). Although it is known as Banking in the Index of Services, the activities covered are not limited to those carried out by banks. Building societies, credit companies, investment and unit trusts are also included. The data used to measure Banking output come from a variety of sources. The Bank of England (BoE), the Investment Management Association (IMA) and the Association of Investment Trust Companies (AITC) all supply data to ONS for this industry. Other data come from ONS surveys, particularly the ONS Inquiry into non-bank Financial Institutions (OFI). A detailed breakdown of the components, along with the relative weight of each component, can be found in the table below. Bank of England data The Bank of England (BoE) supplies ONS with quarterly data on the amount of loans and deposits made by/to UK banks and non banks. These data give a measure of the amount of business being done by banks & non banks, which is used as a proxy for their output. The

2 quarterly data are interpolated to provide monthly data. For more information about interpolation, see the section on Time Series Methods. The BoE also supply data for the fees earned by banks on a quarterly basis. This includes fees from investment banking, advisory, brokerage and underwriting, fiduciary activities (services provided as an agent), insurance agency and brokerage, securitisation, loans and advances (income earned from fees and commissions related to lending, excluding credit cards) and bank charges for current account facilities. In addition, the fees also include net spread earnings and other income. This fee income series is deflated by the average earnings index for financial intermediation excluding bonuses. Investment Management Association data The IMA is the trade body for the UK s asset management industry and publish monthly data for the total funds. The series is derived by multiplying the total number of units in issue, on the last dealing day of the month for which data is being entered, by the last officially calculated offer price in use on that day. The fund value is then deflated by the FTSE Actuaries All Share Index. Association of Investment Companies data The AIC is the trade body of the investment trust industry and as with the IMA, the AIC publish data on investment trusts on a monthly basis. The total funds series is derived by multiplying the total number of units in issue, on the last dealing day of the month for which data is being entered, by the last officially calculated offer price in use on that day. As with the IMA data the m series should be deflated by the FTSE Actuaries All Shares Index.

3 Insurance and pensions SIC division 66 covers insurance services and pension funding. It does not include compulsory social security (i.e. statutory pensions for those aged over 60/65), which is included in Public administration (SIC division 75). The index for Insurance and pensions is compiled using ONS insurance inquiry data and data supplied by the Association of British Insurers (ABI). The relative weight of each component can be found in the table below. ONS insurance inquiry data ONS collects data from insurance companies on a quarterly and annual basis. In particular, the series used is the sum of the general business technical reserve and expenditure on claims net of amounts recoverable from re-insurers. This is known as provisions adjusted for claims. The data for this indicator are collected in Income and Expenditure Questionnaires. The resultant series is deflated by the GDP(E) implied deflator. Association of British Insurers data The Association of British Insurers (ABI) publish volume data on a comprehensive range of life insurance and pension products. Data are published in September for the previous year and the periodicity is annual. Coverage is very good with about 96% of the market (in terms of premiums paid) accounted for. The ABI publish volume data for UK motor insurance. These are quarterly data with excellent coverage of insurance companies exposure to risk. Their use avoids the problematic issue of deflation. The resulting annual and quarterly data are interpolated to provide monthly data. For more information about interpolation, see the section on Time Series Methods.

4 Other financial services SIC division 67 covers activities that support the finance industry, such as the administration of financial markets (i.e. the Stock Exchange), security broking and fund management. The index for Other financial services is compiled in two parts. The first uses data supplied by the Stock Exchange, Euronext LIFFE and ONS Insurance and Pension Funds inquiries, as well as exactly the same data used in division 65 from the Investment Management Association and the Association of Investment Trust Companies. The second uses exactly the same data that are used to measure Insurance and pensions (SIC division 66), but with different weights to represent their use as a proxy for support services. The relative weight of each component can be found in the table below. Stock Exchange data The Stock Exchange supplies ONS with monthly volume data on the number of transactions in three types of security: short-term government securities (up to seven years to maturity), long-term government securities (over seven years to maturity) and shares (ordinary and fixed-interest).

5 Euronext LIFFE data The London International Financial Futures Exchange publish monthly volume data on the number of derivatives transactions. ONS Insurance and Pension Funding Through the ONS quarterly transactions in financial assets and annual balance sheet for insurance and pension funds, the total financial assets are derived. Whilst the levels are only collected annually, changes in assets are collected quarterly and a quarterly path is thus derived. This series is used as a proxy for institutional fund management. This will be used alongside the unit and investment trust data for retail fund management. For these series, the deflator is the FT Actuaries All-Share index.

6 Real estate SIC division 70 covers real estate activities, including the services provided by council housing departments, privately rented accommodation and commercial property renting, whether of the lessor's own property or on behalf of a third party. It does not include renting of short-stay holiday accommodation, which is included in Hotels and restaurants (SIC division 55). The European System of Accounts (ESA) dictates that an amount is included that represents the value added by people living in their own property, on the assumption that they effectively 'rent' the accommodation from themselves. This may seem odd, but it is intended to make provision for the differing proportions of rented and owner-occupied dwelling in different countries, allowing direct comparisons to be made. The index for Real estate is compiled using ONS household expenditure data, the Investment Property Databank (IPD) and HM Revenue & Excise VAT turnover data. The relative weight of each component can be found in the table below. Prices are used from the Investment Property Databank, Retail Price Index and Services Producer Price Index. ONS household expenditure data ONS collects data on Household Final Consumption Expenditure (HHFCE) from the Expenditure and Food Survey (EFS), in which each member of a sampled household keeps a diary of his or her spending on goods and services for two weeks and regular outgoings, such as rent and mortgage payments, and large infrequent expenses, like new vehicles, are recorded in an interview with the entire household. Data are collected throughout the year from a rolling random sample of approximately 7000 households per year. HHFCE data are compiled in both current prices (the actual amount of money spent) and constant prices (deflated by price indices to give comparability over time). The constant price data are used to provide measures of output for some services, including Rent and the imputed rent of owner-occupied dwellings (described above). ONS employment data The employment data for Real estate activities on a fee or contract are taken from the Monthly Business Survey (MBS), where employment data are collected on a quarterly basis. The resulting quarterly data are interpolated to provide monthly data. For more information about interpolation, see the section on Time Series Methods. Investment Property Databank data The Investment Property Databank (IPD) monthly index measures returns to direct investment in commercial property. It is compiled from valuation and management records for individual buildings in complete portfolios, collected direct from investors. All valuations are conducted by qualified valuers, independent of the property owners or managers.

7 The monthly IPD index shows total net income received. Total net income equals the total income received from rent less property management and irrecoverable costs. Renting of goods SIC division 71 covers the renting of industrial machinery and equipment without operators, the hiring of cars and other transport equipment and the hiring of personal and household goods. It does not include the renting of accommodation, which is covered by Real estate (SIC division 70) and Hotels and restaurants (SIC division 55). The index for Renting of goods is compiled using mostly deflated turnover data from ONS monthly surveys. The relative weight of each component can be found in the table below. ONS turnover data The Monthly Business Survey (MBS) is the ONS s principal source of turnover data for the service sector. It provides a timely source of monthly turnover data, based on a stratified random sample of businesses. Three of the current price MBS turnover series are deflated by dividing them by ONS's Producer Price Indices (PPI). These show the movements in prices received by UK manufacturers. The series for Renting of construction and civil engineering machinery and equipment is deflated by a Services Producer Price Index (SPPI) for Construction plant hire, which measures the prices charged by UK companies to other business customers. Two of the series are deflated using Retail Price Index components (RPI), these are the Renting of automobiles and Renting of personal and household goods nec.

8 Computer services SIC division 72 covers computer services, including hardware consultancy, software consultancy and supply, data processing and database management, and the maintenance and repair of office machinery and equipment. It does not include the manufacture and sale of computers or the sale of pre-packaged software (e.g. computer games), which are included in either the Index of Production (another ONS product), Wholesale (SIC division 51) or Retail (SIC division 52). The index of Computer services is compiled using deflated monthly ONS turnover data. The relative weights of the components listed above can be found in the table below. ONS turnover data The Monthly Business Survey (MBS) is the ONS s principal source of turnover data for the service sector. It provides a timely source of monthly turnover data, based on a stratified random sample of businesses. The current price MBS turnover data for Computer services are deflated by dividing them by a general business deflator, constructed by combining the Average Weekly Earnings (AWE) for Real estate, renting and business activity, which shows movements in wages and salaries, with a Retail Price Index (RPI) for all goods and services except mortgage interest payments, which shows movements in prices charged by UK retailers.

9 Research and development SIC division 73 covers research and development (R&D) carried out by specialist research organisations as well as in universities, hospitals and other non-profit institutions. Much of the activity in this division is conducted by units providing R&D services to their parent company. This is known as own-account R&D. The index for Research and development is compiled using deflated monthly ONS turnover data and ONS employment data. ONS turnover data The Monthly Business Survey (MBS) is the ONS s principal source of turnover data for the service sector. It provides a timely source of monthly turnover data, based on a stratified random sample of businesses. The current price MBS turnover data for Research and development are deflated by dividing them by a general business deflator, constructed by combining the Average Weekly Earnings (AWE) for Real estate, renting and business activity, which shows movements in wages and salaries, with a Retail Price Index (RPI) for all goods and services except mortgage interest payments, which shows movements in prices charged by UK retailers. ONS employment data The employment data are also taken from the MBS survey, where employment data are collected on a quarterly basis. The resulting quarterly data are interpolated to provide monthly data. For more information about interpolation, see the section on Time Series Methods. Other business services SIC division 74 covers all corporate services not included in other, more specific, categories. Most are measured using deflated monthly ONS turnover data, but the component for Management activities of holding companies uses ONS input data on employee numbers. This is because it is difficult to obtain accurate information about the activities of holding companies, separate from the businesses they 'hold'. Such businesses tend either to allocate

10 no turnover to the holding company, or all of their turnover, depending on their accounting structure. ONS turnover data The Monthly Business Survey (MBS) is the ONS s principal source of turnover data for the service sector. It provides a timely source of monthly turnover data, based on a stratified random sample of businesses. Most of the current price MBS turnover data for Other business services are deflated by dividing them by a general business deflator, constructed by combining the Average Weekly Earnings (AWE) for Real estate, renting and business activity, which shows movements in wages and salaries, with a Retail Price Index (RPI) for all goods and services except mortgage interest payments, which shows movements in prices charged by UK retailers. The exceptions are as follows: SIC Description Deflator Market Research and Public Opinion Polling SPPI for Market Research Technical Testing and Analysis SPPI for Technical Testing Advertising SPPI for Advertising Placement combined with AWE/RPIY Labour recruitment and provision of personnel SPPI for Employment agencies Investigation and security activities SPPI for Security Services Industrial Cleaning SPPI for Contract Cleaning Photographic activities SPPI for Commercial film processing RPI for Photographic services Packaging Activities SPPI for Contract Packaging Secretarial and translation activities SPPI for Secretarial Services SPPI for Translation Services The data and methods used to derive some of the indicators for the Other Business Services were changed as a result of a review carried out by ONS as part of a programme of industry reviews that will eventually cover the whole service sector of the economy. A report of the findings of the review can be found in the section on Future Improvements.

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