Massive Data Revisions and Recent Economic History

The British data agency ONS has revised British GDP data from 1997 thru 2012. Dramatic revisions to GDP figures for UK may solve some “puzzles”:

http://blogs.telegraph.co.uk/finance/andrewlilico/100028021/a-few-thoughts-on-the-latest-gdp-revisions/

https://mninews.marketnews.com/index.php/national-statistics-changes-push-uk-gdp-sharply?q=content/national-statistics-changes-push-uk-gdp-sharply

Europe likely to see sharp data revisions as well:

http://www.economist.com/news/finance-and-economics/21613321-how-revisions-will-soon-bulk-up-gdp-changing-scales

US did something similar last year:

http://www.economist.com/news/finance-and-economics/21582498-america-has-changed-way-it-measures-gdp-boundary-problems

http://www.nytimes.com/2013/08/01/opinion/what-is-seinfeld-worth.html