I rise to speak to new clause 2, which, given its low number, everyone will realise I tabled pretty early in the Bill’s passage. It addresses the smart data clauses that sit as a block in the middle of the Bill.
It is wonderful to see the degree of cross-party support for the smart data measures. The shadow Minister’s remarks show that the Labour Front Bench have drunk deeply from the Kool-Aid, in the same way as the rest of
us. It is vital that the measures move forward as fast and as safely as possible, because they have huge potential for our economy and our GDP growth. As the Minister rightly said, they seek to build on the undoubted world-leading success of our existing position in open banking.
My new clause is fairly straightforward, and I hope that the Minister will elaborate in his closing remarks on the two further measures that it seeks, which I and a number of other people urged the Secretary of State to take in a letter back in July. To underline the breadth of support for the measures, the letter was signed by the chief data and analytics officer of the NatWest Group, leading figures in the Financial Data and Technology Association, the co-founder and chief executive officer of Ozone API, the director general of the Payments Association, the founder and chief executive of Icebreaker One—who is, incidentally, now also chair of the Smart Data Council—the founder of Open Banking Excellence, and the CEO of the Investing and Saving Alliance. I am making not only a cross-party point, but a point that has widespread support among the very organisations involved in smart data, and particularly the open banking success that we all seek to replicate.
If we are to replicate our success in open banking across other parts of our economy, we need two things to be true. First, we must make sure that all data standards applied in other sectors are interoperable with the data standards that already exist in open banking. The point is that data standards will be different in each sector, because each sector’s data is held in different ways, in different places and by different people, under different foundational legal powers, but they must all converge on a set of standards that means that health data can safely and securely talk to, say, energy data or banking data.
Following on from my earlier intervention, when the Minister was talking about Government new clause 27, if we are to have data standards that allow different bits of data to be exchanged safely and securely, it is essential that we do not end up with siloed standards that do not interoperate and that cannot talk to each other, between the different sectors. Otherwise, we will completely fail to leverage our existing lead in open banking, and we will effectively have to reinvent the wheel from scratch every time we open up a new sector.
I hope that, by the time the Minister responds to the various points raised in this debate, inspiration will have struck and he will be able to confirm that, although we might have different data standards, it is the Government’s intention that those standards will all be interoperable so that we avoid the problem of balkanisation, if I can put it that way. I hope he will be able to provide us with a strong reassurance in that direction.
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The second point encapsulated in new clause 2 deals with the following situation. Let us suppose that I am an app company that is currently successful in open banking. I have a piece of middleware in the open banking ecosystem, but I fancy being able to take what I have done successfully—it is world-leading in open banking—and roll it out to other sectors of the economy. I might want to produce a health, energy or other app to profit—or to provide services—from the Government’s plans to roll out smart data across the rest of the
economy. I therefore need to know which sectors are going to be done and in what order. Otherwise, as I walk into the office on Monday morning, needing to go up to my development team, I do not know whether I will be telling them to do the energy development, the water development or the open smart data development for online retail first.
All I need, therefore, is a Gantt chart or a timetable—we can call it what we will; I just need something that tells me which sectors, in what order and by what dates, so that I can make sure that my app is ready on those launch dates in order to be able to profit from this. So I was delighted to see the Government’s autumn statement of a week or 10 days ago, in paragraph 4.28 of the Green Book, talking about, as those on the Labour Front Bench have mentioned,
“a Smart Data Big Bang”
covering “seven sectors”. That is wonderful—absolutely super—but I ask, “Which seven sectors, and when?” If the Minister is able to clarify that, or at the very least say when the Government are going to publish the timetable naming the sectors and the dates on which each sector will be ready, he will be doing international investors in our country and our existing successful, world-leading organisations—