Data, waves and wind that count in the economy

Wind and waves should be involved in the budgets of the economies of countries for the first time, as part of changes approved in the United Nations.

Property such as petroleum fields has already been taken into account in accordance with the rules – the last updated in 2008.

This update aims to capture areas that have grown since then, such as the cost of using natural resources and data values.

Changes enter into force in 2030 and could mean an increase in assessment of the size of the UK economy, giving the promises to consume a fixed share of the economy on defense or assistance.

The economic value of wind and waves can be estimated from the price of all energies that can be created from turbines in a country.

The update also treats data as assets by itself at the top of the assets containing servers and cables.

Governments use a common rulebook for measuring the size of their economies and how they grow over time.

These changes to the rulebook are “tweets, not rewrittening”, according to Prof. Diane Coyle of the University of Cambridge.

Ben Zaranko of the Institute for Fiscal Studies (IFS) calls it a “accounting” change rather than a real change. He explains, “It would not be better in material terms, and tax revenues would not be greater.”

But that could make economies look bigger, creating a possible headache for future consumption for the British government.

For example, the Labor undertaken to assign a fixed percentage of economy size to defense and assistance.

If the new rules increase the estimated size of the economy by 2-3% at the age of 2030, this could add £ 2 billion to defensive consumption.

It is a small proportion of the total state budget, but large compared to the reduction of foreign aid (£ 6 billion), which currently fund additional consumption for defense or the head that the government has left in accordance with its self -imposed fiscal rules (10 billion pounds).

Government consumption, budget responsibility office (OB) will not include the impact of these new rules on government finances in their assessment of government finances this March.

This makes the new rules a possible future chancellor headache, not immediate.