The Minister of State, Department for Business and Trade (Kevin Hollinrake)
The Government have today published a road map which sets out what action they will take over the coming year to progress a smart data economy as a result of the new powers in the Data Protection and Digital Information Bill.
The data economy is a large and growing part of the economy. Smart data unlocks data for individuals and businesses that is currently held and underutilised in a small number of existing companies. It allows businesses to easily access this data, with consumers’ consent, to provide new services that drive investment, productivity, competitive outcomes and, ultimately, economic growth.
The Data Protection and Digital Information Bill was introduced to the House of Commons in March 2023 and passed Second Reading in the House of Lords on 19 December 2023. The Bill will provide the Government with the powers we need to deliver the benefits and safeguards required for a smart data economy, including the ability to mandate industry involvement in smart data schemes.
The road map sets out how the Government will use these powers over the coming year by identifying the opportunities and challenges in implementing smart data schemes in seven sectors: energy, banking, finance, retail, homebuying, transport and telecoms. This will help business and interested groups plan for and benefit from action in this area.
This delivers on the commitment made at autumn statement 2023 to kickstart the smart data big bang.
A copy of the road map will be deposited in the Library of the House.
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