The UK government has recently published research that identifies ways to increase access to economic data. The research was carried out by Consultancy Frontier Economics and Cambridge economist, Diane Coyle.
It was then reported that a package of measures that would improve knowledge and understanding of data sharing, demonstrate incentives, support ways to address risk, reduce the cost of sharing through data foundations, reduce the regulatory burden, and mandating data sharing should be put into place.
Moreover, the study also set forth the concept of a ‘data ecosystem’, which would be a system including people and organizations involved in creating outputs using data, or benefiting from its use. Besides, the report stated that data ecosystems should include many actors, at times linked by complex relationships.
The report identified six levers that government could use to increase the sharing of data:
- Support innovation in safe data sharing
- Fewer costs for organizations to use data
- New incentives to share and access data
- Tackle regulatory challenges associated with data sharing.
- Ensure organizations better understand the benefits of data use, and how they could access these safely and efficiently.
The report also warns organizations to be careful about data sharing and to undergo further research. Hence, this study aims to be only a starting point for the development of public policy in economic data.