Sat, 08 Mar 2025

Sat, 08 Mar 2025 Data, waves and wind to be counted in the economy

Wind and wave power is set to be included in calculations of the size of countries' economies for the first time, as part of changes approved at the United Nations.
The United Nations has approved changes to how countries' economies are measured, which will include wind and wave power for the first time. The updates also treat data as an asset. These changes come into effect in 2030 and could increase estimates of the UK economy by 2-3%. This might make it harder for the government to meet promises to spend a fixed share of the economy on defence or aid, potentially adding £2 billion to defence spending. The changes are seen as minor adjustments, rather than a major overhaul. They do not affect tax revenues and will not be included in the Office for Budget Responsibility's assessment of the government finances this March. However, they could become a problem for the UK government in the future.
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