(7 years, 1 month ago)
Commons ChamberAs chair of the all-party parliamentary group on data analytics, my hon. Friend is in a very good position to understand just how important this is for our economy. He is absolutely right: if we open up that uncertainty in our regulatory arrangements, it will be harder, perhaps impossible, to achieve the adequacy agreement that we need.
I am grateful to the Minister for committing himself to seeking that adequacy agreement. Like the hon. Member for Argyll and Bute (Brendan O’Hara), I was slightly concerned about what he meant when he referred to something “akin to” an adequacy agreement. What we need is an adequacy agreement that is formally defined. We need that declaration from the Commission, so that UK businesses can continue to exchange personal data with businesses in other EU member states.
My right hon. Friend is making an excellent speech and some very pertinent points. Many tech firms and other companies in my constituency are concerned: we need to have such agreements in place—in particular, on data protection—and not having them in place will have a hugely detrimental impact. Does my right hon. Friend agree?
The firms in my hon. Friend’s constituency are absolutely right. If we do not achieve that adequacy declaration, it will become illegal for personal data to be exchanged between the UK and the countries of the EU, and there will no longer be a lawful basis for large swathes of businesses in the country to continue to operate.