It is a pleasure to follow the hon. Member for Scunthorpe (Nic Dakin), who as always represents his constituents with great passion.
I intend to focus on matters in the Queen’s Speech that relate to communications and the digital economy. In her Gracious Speech, Her Majesty spoke of legislation to be introduced to
“improve Britain’s competitiveness and make the United Kingdom a world leader in the digital economy”.
I wholeheartedly support that aim, and a great deal has already been achieved. Britain must be a nation where technology continuously transforms the economy, society and government. The UK has embraced digital transformation, and it is one of the most advanced digital economies on the planet. The internet as a UK industry sector has surpassed manufacturing and retail, and represents the second-biggest economic sector. That has come about as a result not just of the Government’s policies, but from the entrepreneurial efforts and passion of British businesspeople.
According to the Centre for Retail Research, UK consumers will spend an average of £1,372 per person online this year. Online retail as a percentage of total retail is 23% in the UK, which is more than double that of Germany and three times that of the US. A key driver of that is the underlying strength and sophistication of the UK’s financial services industry, and consumer confidence in the security of credit card and financial information online. That is not the case in many other countries, and lack of confidence in the security of online financial data has inhibited the development of
the digital economy not only in the developing world, but across many countries in Europe. UK consumers’ online habits are so strong that, when asked what other lifestyle habit they would give up for a year instead of giving up the internet, 78% said they would rather give up chocolate; 21% said they would give up their car; alarmingly, 17% said they would give up showering; and most alarmingly of all, 25% said they would give up—I am not sure how to phrase this, Madam Deputy Speaker—intimate relations.