BBC News – Kevin Peachey
Published: December 17th, 2018
This article talks about the value activities carried out by householders could have on the UK’s economy and its national accounts. It reflects the percentage the unpaid work at home would amount to in the UKs national output, measured by GDP. The article explains the percentage which the UKs economic output would have increased by, if unpaid work at home was added to the national account.
Kevin Peachey is a Personal Finance and Consumer Affairs reporter for the BBC News.
- The Office for National Statistics (ONS)- This is the executive office of the UK Statistics Authority, a non-ministerial department which reports directly to the UK Parliament.
Analysis of Potential Bias
The author relayed facts that can be found on the ONS website in a clear and concise way. However with just one source, no opinion of economists or other experts and given that the author is not an expert, the author is not exploring other ideas on the topic, indicating some bias.
The value of unpaid work at home was estimated to be £1.019 trillion in 2014 by the UKs official statistics authority. The Office for National Statistics(ONS) expresses the importance of the calculations because they show the value of unpaid work at home which could have been included in the market.
This means big things for the UKs economy if the unpaid work was given value and added to national accounts. The £1.019 trillion is the equivalent of 56.1% of the UKs GDP which is higher than GDP estimates in 2005.
The ONS found that including unpaid work at home in the national accounts would have pushed economic output faster than was the case between 2005 & 2014. In fact it would have pushed it up by 0.3 percentage points.
A main reason that unpaid work at home has grown is childcare, mostly due to an increasing child population and cost of childcare in the private sector. This accounts for 31.5% of unpaid work.
The value of household transport services has increased as well, now accounting for 23.1% of unpaid work.Various other sectors of unpaid work at home have also increased which explain the increase that the value of unpaid work at home would have on the UKs economy.