Two articles this week have questioned the £4.7bn in predicted savings that will be unlocked by the UK government's Data Protection and Digital Information (No.2) Bill (DPDIB) and, instead, warn that it cost billions by diverging from EU regulatory standards.
LondonLovesBusiness cite home delivery provider ParcelHero fears the UK will pay a heavy price through lost EU sales and increased compliance costs from having to meet two different data regulation regimes. ParcelHero's comments echo those shared in a DIGIT article, referencing a 2020 report by the New Economics Foundation warning that the UK government's plans to reform its data protection regime could cost billions of pounds in lost sales to UK companies and increase compliance costs from having to meet two different regulatory frameworks. The Cost of Data Adequacy Report, which examines the impact on businesses and the broader economy, was (according to its authors) the first comprehensive report analysing this issue from an economic perspective.
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