Public data ‘worth £7bn to UK firms’

210320131241The release of public sector data could unlock nearly £7bn into the UK economy, according to a Deloitte report which coincides with the publication of a government-led review into so-called “open data”.
The Shakespeare Review, conducted by YouGov boss and Data Strategy Board chair Stephan Shakespeare, was commissioned by Whitehall to show how public sector information can be better used to improve government services and unlock economic growth.
It is designed to support the Midata initiative, for which businesses across the financial services, utilities and telecoms industries have committed to give consumers easy access to their information.
However, although the consumer benefits could be huge – enabling customers to go online to find the best supplier deals – companies have so far been slow to sign up, sparking threats that legislation will force them to do so.
The Shakespeare Review calls on government to implement a ‘national data strategy’ to speed up the release of more data – which must be available to private firms, charities and consumers – to create the maximum value to the nation.
The review also proposes a focused programme of investment to build skill-sets through universities, graduate schemes and within government departments.
Shakespeare said: “This is Phase II of the digital revolution. The first phase was about communication, this phase is about using increased tech capacity to do new and exciting things with data.
“Britain has a competitive advantage in that we have centralised public services that collect vast amounts of data, the value of which remains largely untapped. If we play it right we can break free of the shackles of a low-growth economy and – rather than being seen as an obstacle – government can become a key driver in this transformative process.”
The report also calls for much higher penalties for misuse of information, including heavier fines and imprisonment in cases of deliberate and harmful misuse of data.
To coincide with the review, Deloitte has carried out an economic assessment which estimates the direct value of public sector data to be around £1.8bn. However, when the wider social and economic value is factored in this estimate rises to at least £6.8bn.

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5 Comments on "Public data ‘worth £7bn to UK firms’"

  1. RT @DM_editor: Public data ‘worth £7bn to UK firms’

  2. how much is Public #Data worth to your business??

  3. Charlie says: “Given the government’s track record in IT and data – compounded by the public sector’s ability to leave confidential data anywhere from a train to a skip – you have to wonder whether ‘open data’ really is workable. It sounds great in theory, and £7bn is surely not to be sniffed at, but  doubts remain over whether this is achievable.”

  4. Is open data really achievable given the government’s track record in data and IT?

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