The Office for National Statistics (ONS) has released an experimental dataset illuminating industry-to-industry payment patterns in the UK. Derived from anonymized Bacs Direct Debit and Direct Credit payments spanning January 2016 to October 2023, this dataset aims to unravel the intricacies of UK supply chain dynamics.
Key Highlights:
Total Payment Trends: Bacs payments between industries exhibit a general upward trend, rebounding from a temporary dip in 2020 associated with pandemic disruptions.
Industry-to-Industry Dynamics: A significant portion of payments occurs within the same industry, constituting 17% of total flows in October 2023. Leading the payment values are Wholesale Trade, Financial Service Activities, and Public Administration.
Energy Price Impact: The dataset mirrors the repercussions of surging electricity and gas prices on industries. Notably, payments to the electricity and gas sector have surged by 90% over the past two years.