UK data economy after Brexit reportPosted 3 Oct 2017
The UK is currently on firm ground with a sizeable, competitive and growing data economy, worth approximately 2% of GDP in 2016. While the UK will leave the EU in a strong position from the perspective of the data economy, Brexit presents the UK data economy with both opportunities and downside risks to be mitigated. On the one hand, the opportunity to simplify data protection legislation while maintaining EU ‘adequate’ status may enable the UK to become a vital hub for data between the EU and the US. On the other hand, access to the EU Digital Single Market is uncertain and may bring both benefits and risks. The UK has the potential to bring the data economy to the fore during Brexit negotiations as a component of trade deals with major world economies. Whatever the future holds, data should be considered a vibrant and important part of the UK economy.
This report report considers the opportunities and risks for the UK data economy post-Brexit, posing four extreme scenarios as a stimulus for discussion and debate.