![]() They haven’t been updated since, meaning that there are no relevant codes for strategically important emerging sectors in the UK economy such as AI, cyber-security or advanced manufacturing. ![]() Changes in UK industry through the twentieth century lead to updates in 1958, 1968, 1980 (when more detail in manufacturing was added), 1992, 1997, 2003 and finally in 2007 (providing greater depth in IT and other professional services). SIC Codes were first introduced into the UK in 1948 to classify businesses and other entities according to the type of economic activity they conducted. It is especially important to fix this in a post-Brexit, Covid-19 recovery scenario. Our innovative approach to acquiring, analysing, and visualising company data gives our customers a huge advantage when they need to understand the economy. Economists know it, the government knows it, data providers know it but they’ve had no choice but to use a defunct tool to design policy, plan investment and make decisions that impact on the lives of 67 million people.Īt The Data City we know that this represents an obstacle to coherent economic policy at both local and national scales limits investment reduces analytical capability damages business credit ratings and creates a significant opportunity cost to the UK economy. It is a well known, but little talked about, problem that the way that businesses in the UK are classified is fundamentally broken.
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