Sky News recently reported that the Bank of England is considering using social media in its determination of interest rates. The central bank has created a taskforce to monitor the internet and social networks for early signs of economic developments. According to the central bank’s chief economist, “Official statistics tend to be lagging and tend to be revised. And what this scraping of the web can do is give us a better today read on what’s going on.”

You can read more about this development at Sky News here.