Spring Budget 2024: Smart Data schemes to rollout to new sectors

The Government has committed to expanding Smart Data schemes to the energy and transport sectors in the Spring Budget 2024.

The announcement has been welcomed by Open Banking Limited’s (OBL’s) corporate affairs director Richard Newman.

Chancellor Jeremy Hunt delivered the Spring Budget yesterday (6 March), which is likely to be the Government’s last Budget before a general election is called later this year.

The Government promised to provide “targeted funding for consultations and calls for evidence to accelerate schemes in energy and transport”.

It follows the Chancellor’s Autumn Statement, in which he revealed that government will “seek to maximise the benefits from incoming Data Protection and Data Information Bill Smart Data powers”.

“OBL welcomes the government’s continued commitment to developing new smart data schemes in the Chancellor’s Spring Budget, accelerating the economic benefits of Open Banking to the key sectors of energy and transport,” said Newman.

“We look forward to seeing the Data Protection and Digital Information Bill continue its progress through Parliament, giving the government formal powers to mandate participation in future Smart Data schemes.”

Newman added that combined with other industry-led initiatives, it will allow the UK to “build on Open Banking’s success” and develop new propositions for the benefit of both consumers and business.

On LinkedIn, Raidiam stated: “These two areas of key infrastructure for our country and economy will massively benefit from the transformative power of secure and trusted data sharing.

“What’s more, we already have the expertise and technology in the UK to bring these to fruition.”

At the OBL Parliamentary Roadshow in February, John Penrose, Conservative MP for Weston-super-Mare, said he had asked Kevin Hollinrake MP, Minister for Enterprise, Markets and Small Business for an “investable timetable” for the sectors that Smart Data will be rolled out to and for “clarity” on a central standards-setting body.

Hollinrake said he was “very confident” that the government will progress the DPDI Bill and implement Smart Data schemes.