The industry code used by the Bank of England to classify reporting entities.
To understand the underlying behaviour which is reflected in movements in economic and financial statistics, it is necessary to group those entities engaged in financial transactions into broad sectors with similar characteristics. Two of the systems of classification used in UK official statistics are based on analysis by sector and industry. For consistency, it is necessary to classify most banking accounts – deposits, loans and advances, etc. – according to both sector and industrial classifications.
The industrial classification groups entities according to their main industrial or service activity (without regard to ownership or who operates them). Only UK residents are covered, excluding monetary financial institutions (UK banks and building societies). This system follows the 2007 Standard Industrial Classification issued by the Office for National Statistics. Activities are divided into 18 main groups. Since this classification is based on industries without regard to who owns or operates them, industrial establishments owned or operated by the central government are classified in the same way as those privately-owned and should not necessarily be included under ‘public administration and defence’.