The UK's plans for Smart Data

Wednesday 24 April 2024 13:20 CET | News

The UK government has published its plans which include the actions that are set to take place over the coming period for advancing a Smart Data economy. 

Within the Roadmap, the UK’s regulators outline what necessary actions are set to take over between 2024 and 2025 to progress a Smart Data economy as a result of newly appointed powers in the Data Protection and Digital Information Bill. Considering that the data economy represents a significant and expanding segment of the overall economy, Smart Data intends to deliver data for individuals and businesses that are now held and underutilised in a small number of existing companies. Additionally, it focuses on enabling businesses to access this information, with consumers' consent, to deliver new services that increase investment, productivity, competitiveness, and economic growth.

The UK government has published its plans which include the actions that are set to take place over the coming period for advancing a Smart Data economy.

The government’s development strategy

The Data Protection and Digital Information Bill was established by the House of Commons in March 2023 and passed Second Reading in the House of Lords in December 2023. As detailed in the government’s statement, the bill is set to deliver the capabilities it requires to provide the benefits and safeguards necessary for a Smart Data economy, including the feature to mandate industry involvement in Smart Data schemes. The Roadmap details how the regulators aim to leverage these capabilities over the upcoming period by detecting the opportunities and difficulties in implementing Smart Data schemes in several sectors, including energy, banking, finance, retail, home-buying, transport, and telecoms. This decision to choose these industries is based on existing progress with Smart Data, as well as due to their possible impact on the cost of living. It is mentioned that each sector will progress via four stages, including identification, consultation, design, and implementation.

Furthermore, the move is set to support businesses and interested groups plan for and benefit from action in this area. The current announcement intends to deliver on the commitment made in autumn 2023 to kickstart the Smart Data Big Bang and set out the UK’s objectives for leveraging the new Smart Data capabilities developed in the bill. Also, the Roadmap sets out a cross-government vision for the Smart Data economy and the actions required to achieve it. It emphasises the government’s commitment to scheme identification and development in specific sectors, as well as provides allegiances for the acceleration and coordination of the development of Smart Data schemes. Concomitantly, via the work of the Smart Data Council and the Smart Data Challenge Prize, is set to continue to support industry-led work, and consider how customised regulations can foster innovation, cultivate investment, and advance growth.

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Keywords: regulation, financial data, data sharing, data, investment
Categories: Payments & Commerce
Companies: UK Government
Countries: United Kingdom
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