Making Smart Data Happen
Startup Coalition and the Tony Blair Institute (TBI) have called on the Government to accelerate plans to give individuals more control over their data whilst unlocking £27bn in economic growth in a new report.
The “Smart Data” revolution will arrive with the passage of the Data (Use and Access) Bill (the “Data Bill”), which will likely become law before the Spring of 2025. Under this Bill, UK policymakers will finally have the power to put consumers back in control of their data. But having the power and using it are two different things.
This report calls on the Government to work in the very way that the Prime Minister promised and be mission led, unconstrained by Departmental borders. If the mission of this Government is growth, Smart Data can help unlock it if all Ministers take the potential seriously.
Today, Smart Data only exists through Open Banking, which is used by 11 million UK consumers, but the Bill will equip rulemakers to apply it to other parts of the economy through sectoral “schemes”. This will make data sharing more secure, efficient, and cheaper – fuelling growth and empowering individuals and businesses like never before.
As yet, however, it is unclear how these new Smart Data powers will be used.
This report is a call to arms to actually make Smart Data happen, focusing on three key sectors—finance, energy, and property:
Open Finance must be expedited by expanding data sharing to savings, investments, mortgages, and pensions. We can enhance financial inclusion, transparency, and innovation.
Open Energy must unlock smart meter and energy usage data to support net-zero goals, reduce costs for households, and foster sustainable energy practices.
The Ministry for Housing, Communities and Local Government should lay the foundations for transforming the house-buying process through an Open Property scheme.
It’s critical that Smart Data has the individual at its heart, and therefore we need cross-sector governance and a vision that Smart Data can support innovation across the economy, delivering on the Government’s missions.
Finally, Smart Data can grease the wheels of public services, bringing Government into the 21st century by accelerating digitalisation of antiquated processes. Perhaps one of the most impactful use cases that will be enriched is digital identity and we must ensure parity of basic functionality between public and private sector ID wallets for the sharing of these credentials between users of Smart Data schemes.