The Office for National Statistics (ONS) has admitted efforts to overhaul unreliable data on Britain’s jobs market may not be ready until 2027.

The ONS confirmed it is now “unlikely” it will be able to introduce a revamped version of its Labour Force Survey (LFS) – which is the official measure of employment and unemployment in the UK – by mid-2025, leaving policymakers in the dark over the true state of the UK workforce.

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Governor of the Bank Andrew Bailey said it was “a substantial problem” that the exact numbers of people at work are unknown in part due to fewer people answering the phone when the ONS call.

While the labour market is going to be “the key” to future rate cuts, another member of the interest rate decider Professor Alan Taylor told the MPs of the Treasury Committee last month: “We don’t necessarily have the best statistics there.”

The government too has built policy around the belief that the UK has a high number of people out of work and not looking for work.

Just last week the government announced £240m for reforms to “get Britain working”.

But on the same day, the Bank’s chief economist said labour force participation “has now reached the point where participation is broadly in line with a natural level it should be”.

The UK had been thought to be an outlier compared to its neighbours in that the number of people in work is lower than before the COVID-19 pandemic.

Respected thinktank the Resolution Foundation had also said that there was no rise in inactivity based on HM Revenue & Customs data and that employment had been underestimated by 930,000 since 2019.

Also revised due to changes in population is the employment estimate, which is 0.1% higher than first thought, the ONS said.

The ONS said it continued “to advise caution when interpreting changes” in things like unemployment and economic inactivity.

More than a year ago in October 2023, the ONS temporarily suspended publication of its official labour force survey due to low response rates after the pandemic and began releasing experimental estimates that relied on tax and other data sources.

A group of Spanish restaurants headed by a Michelin-starred chef is on the brink of collapse after filing a notice of intention to appoint administrators.

Sky News understands that Iberica, which operates a handful of sites in London and Leeds, filed a notice of intention to appoint administrators on Tuesday.

RSM, the professional services firm, is understood to have been lined up to handle the insolvency.

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Iberica, whose parent Iberica Food and Culture will now have up to 10 days’ breathing space from creditors, counts Nacho Manzano, a prominent chef from the region of Asturias in north-western Spain, as its head chef.

It opened its first restaurant in Marylebone, central London, in 2008 and has since expanded to other parts of the capital.

In 2016, it opened a site in Leeds.

If the company is unable to avoid administration proceedings, it will become the latest restaurant business to succumb to the growing financial pressures facing the industry.

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TGI Fridays was sold during the autumn in a pre-pack insolvency deal, while the operator of Pizza Hut’s UK dine-in outlets is in the process of trying to seek a buyer.

Restaurant bosses were among hospitality executives who wrote to Rachel Reeves, the chancellor, last month, to warn that tax-raising measures in her Budget would trigger job losses and business closures.

A spokeswoman for RSM said the firm was unable to comment, while Iberica has been contacted by email for comment.

Jaguar wants “to be bold and disruptive” with its new electric car and redesign, the luxury vehicle maker’s managing director told Sky News.

The British car maker sparked widespread controversy last month when it unveiled its rebrand ahead of becoming a fully electric brand.

Speaking to Sky News business and economics correspondent Gurpreet Narwan, managing director Rawdon Glover said: “We’ve certainly gathered an awful lot of attention over the last few weeks, but now I think its really important to talk about the vehicle.”

The Type 00 has now been unveiled at an event in Miami, Florida, and was described as a “concept with bold forms and exuberant proportions to inspire future Jaguars”.

It has been revealed in two colours, Miami Pink and London Blue.

Jaguar said the new electric car uses a dedicated platform which should return up to 478 miles of range while rapid charging will add 200 miles of charge in 15 minutes.

The production-ready version of the Type 00, which will be made in the UK, is set to be revealed late in 2025, and although prices have not yet been confirmed, it is expected to cost more than £100,000.

Mr Glover added to Sky News: “We need to make sure that Jaguar is relevant, is desirable, is future proof for the next 90 years of its history.

“At the moment, the industry is going through huge disruption: technology changes, as we all figure out actually what an electrified world means for our brand.

“At Jaguar, we’ve looked at that and we think we have to make a really bold step forward. But actually, the step we’re going to take is completely in keeping in ethos with the brand.”

In November, Jaguar released an advert which featured a series of models, in brightly-coloured clothing, emerging from a lift into an austere landscape. It also featured none of Jaguar’s cars.

The carmaker described it as part of a “completely transformed Jaguar brand” and “a new era” which makes “it relevant for a contemporary audience”, however, the campaign sparked a backlash online, with Reform leader Nigel Farage saying “I predict Jaguar will now go bust. And you know what? They deserve to,” while Tesla boss Elon Musk asked “do you sell cars?”

When asked about the rebrand, Mr Glover told Sky News: “We want to be bold and disruptive… We’re clearly in the conversation.

“More people have been talking about Jaguar for the last two weeks than – goodness, for so much longer. Car companies unveil new cars all the time and go completely unnoticed.”

When asked if he anticipated the backlash to the advert, the Jaguar director said: “We absolutely don’t want to alienate any of our loyal fans.

“Quite the opposite – we want to take as many of our current fans with us on that journey… We need to also appeal to a new audience. That’s what we need to do.”

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However, while he accepted “people will have opinions about the vehicle” and the rebrand, Mr Glover added: “We absolutely value a reasoned debate – if it gets discriminatory, then I can’t condone that.”

“We really want the conversation now to move on to, ‘here is our design vision, this is actually what the future of Jaguar will look like,’ and actually that should be the conversation,” he added.