Form BN data collection extended for ONS statistical needs

The Bank of England's recent consultation on discontinuing Form BN data collection has revealed a critical dependency from the Office for National Statistics (ONS).

The ONS relies extensively on this data for producing various national published statistics, making its immediate cessation problematic.

Consequently, the Bank has issued a follow-up notice, instructing firms to continue their submissions of Form BN data without interruption.

While no respondents objected to the proposal, acknowledging a potential reduction in reporting burden, some firms noted that the impact on their overall burden would be minimal.

These firms highlighted that their internal data processes are deeply integrated across multiple collections, meaning that removing Form BN alone would not yield significant resource savings.

This feedback underscores the complexity of data collection changes and the interconnectedness of reporting requirements across various statistical needs, necessitating a cautious approach to decommissioning.

The Bank of England is actively assessing Forms CC and CL as potential alternative data sources to meet the Office for National Statistics' (ONS) requirements, currently fulfilled by Form BN.

This assessment will evaluate the suitability of data from these alternative forms for the ONS' statistical use and identify any necessary methodological adjustments and their impact on ONS outputs.

A key consideration is whether the additional cost of using Forms CC and CL outweighs the savings from discontinuing Form BN.

Firms currently reporting Form BN, or those advised to do so in the future, must continue their submissions until further updates are provided through a subsequent Statistical notice, ensuring continuity of vital statistical inputs.