Plans to ensure the UK remains at the centre of the digital revolution have been set out today by the Chancellor.
A new expert panel – chaired by former US President Barack Obama’s chief economic advisor, Professor Jason Furman – will look at competition in the digital economy, and how to make sure the UK remains a world leader in this field.
While the UK has a competitive and well-regulated economy, rapid advances in the digital sector have led to the emergence of powerful new companies. This has raised questions about how to guarantee a competitive economy, while respecting people’s privacy and ensuring the whole of society can benefit from technological progress.
The appointment was unveiled alongside the publication of a government report on the value of data. This cited evidence that data-driven technology could be worth £60 billion a year to the UK economy by 2020.
The Chancellor of the Exchequer, Philip Hammond, said:
“The UK is leading the way in the digital revolution. Our tech sector is now worth over £116 billion and a new digital job is being created in this country every 50 minutes.
“This is something to be proud of, but at the same time it is only right that we ask the big questions about how we ensure these new digital markets work for everyone.
“I am therefore pleased to appoint Professor Furman to lead this important work. His experience will be invaluable as we ensure that our market regulating institutions are fit for purpose in the digital age.”