Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the oral contribution of the Minister for Data and Digital Infrastructure of 14 June 2023 at Topical Questions, T7, Official Report, column 286, what plans his Department has to (a) utilise the provisions in Part 3 of the Data Protection and Digital Information (No. 2) Bill and (b) use smart data in new sectors.

HM Treasury are working with the Department for Business and Trade on the new long-term regulatory framework for Open Banking, which intends to use the Smart Data Clauses in the Data Protection and Digital Information Bill.

HM Treasury is also working closely with the relevant regulators through the Joint Regulatory Oversight Committee to develop the design of the future Open Banking entity. The Committee published its recommendations for the next phase of Open Banking in April 2023, which is available at: https://www.gov.uk/government/publications/recommendations-for-the-next-phase-of-open-banking-in-the-uk.

There is exciting potential to explore Smart Data in further sectors, beyond Open Banking. Government, regulators and industry experts are working together via the Smart Data Council to ensure that the UK continues to be at the forefront of developments in this space.

Before committing to utilise the provisions in Part 3 of the Data Protection and Digital Information (No2) Bill in any given sector, there is work to be done to understand how Smart Data can empower consumers and turbo charge competition.