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Last week, DBT published their Smart Data Strategy, ‘Smart Data 2035’, outlining their long-term vision to embed Smart Data schemes across the UK economy.  

techUK welcome the publication of this hotly anticipated strategy, and look forward to working with Government to ensure that Smart Data schemes are able to achieve their full economic growth potential. 

The strategy’s publication comes soon after the publication of the Government’s economic impact assessment for Smart Data, which found that five use cases could deliver £26.3bn in social net present value between 2028 and 2043. Similarly, Open Banking Ltd recently estimated Open Banking alone could deliver annual market benefit of over £43bn. 

Below is a summary of the strategy’s key points and an overview of techUK’s immediate response. 

Timelines 

The Government aim to establish 5 or more active Smart Data schemes by 2030 and 20 or more active schemes by 2035, with actions divided into three phases: 

Phase 1: 2025-27 

• Implement a long-term regulatory framework for Open Banking & Fuel Finder. 
• Publish roadmaps for schemes in FS and energy. 
• Develop a pipeline of schemes and build investor confidence. 
• Build partnerships between UK and international data policy. 

Phase 2: 2027-30 

• Establish five or more schemes, including banking, fuels, energy, and finance.  
• Develop a long-term plan for cross-sector governance. 
• Generate substantial private investment in Smart Data. 
• Develop more international cooperation and influence. 

Phase 3: 2030-35 

• Establish 20 or more schemes in sectors across the economy. 
• Maintain a stable system of cross-sector governance and innovation support, extensive international cooperation and trade, and a world-leading Smart Data industry that is constantly improving and driving growth. 

Sector Specific Milestones 

The strategy sets out the Government’s next steps in the following sectors:  

Banking:  

Oversight will transition to the FCA, who are also working to establish the Future Entity for Open Banking, i.e. interface and standard setting body. 

The Government will consult on the Open Banking scheme in early 2026. 

Finance: 

• The FCA will publish a roadmap for Open Finance in March 2026.  
• Building on this roadmap, the Government will set out their next steps for Open Finance in Summer 2026. 

Energy: 

• The Government will consult on detailed Smart Energy proposal in 2026, looking to introduce regulations in 2027/28. 

Property: 

• The Government will publish their roadmap in 2026. 
• The Government have commissioned a research project to investigate what their role could be in delivery.  
• They are working with HM Land Registry (due to complete in May 2026) to deliver pilots with nine local authorities to understand the impact of improving access to key property data used in the home buying and selling process. The outcomes of these pilots will be used to determine next steps in digitalising locally held priority data. 

Transport: 

• DBT and DfT are currently conducting a joint research project to identify and test the feasibility of Smart Data use cases in the sector. 
• The Government will launch a call for evidence in 2026 to establish the value of a Smart Data scheme in transport. 

Digital Markets: 

• Responses to DSIT’s 2025 call for evidence highlighted “data portability issues across a wide range of digital activities and that addressing these could support a range of innovative and personalised services for consumer as well as better opportunities for data monetisation and donation.” 
• Further detail on the Government’s response will be found in a DSIT policy statement in Spring 2026. 

Telecoms: 

• The Government recognise recent changes in the telecoms sector designed to benefit consumers, such as One Touch Switch.  
• They note a Smart Data scheme might offer further benefits in telecoms, and this will require further consideration, including the merits of a voluntary industry-led scheme. 

Retail: 

• The Government plans to publish a call for evidence in 2026. 

Agrifood Supply Chains: 

• The Government is commissioning research in 2026 to explore how smart data regulations could support environmental data sharing, starting with greenhouse gas emissions. 

Additional Key Points 

• The Government will publish a cross-economy Smart Data Guidebook for Departments and industry by early 2027. 
• DBT will seek to support National Data Library work, where relevant. 
• The Government will ensure Smart Data schemes create AI ready data. 
• They recognise that trustworthy digital identities are a critical enabler of Smart Data services and will actively seek for digital IDs to provide the backbone for the Smart Data ecosystem. 
• In terms of international policy and trade, DBT will work with international counterparts to: 
• Facilitate trade by supporting implementation of the Electronic Trade Documents Act. 
• Improve market access for exporters. 
• Enhance the affordability and scalability of implementation. 
• Promote cross-border interoperability. 

techUK View 

techUK welcomes the publication of DBT’s strategy, which is a crucial step in realising the implementation of Smart Data schemes across the economy.  

This strategy provides the direction necessary to accelerate the implementation of schemes, and will embolden innovators to progress their Smart Data driven work. We wholly agree that digital ID will be a critical enabler of Smart Data schemes, and similarly welcome DBT’s recognition that Smart Data work should be closely aligned with the National Data Library, AI Opportunities Action Plan, and measures to improve international interoperability. 

With 20 schemes committed to, the real challenge will be ensuring that this broad range of workstreams does not inhibit fast paced progress on the initial priority sectors: finance, banking, energy, and property.  

With £36m awarded in the Industrial Strategy, it is imperative the enormous growth potential for Smart Data is delivered at pace. techUK believes this growth can be best achieved through first delivering schemes in these priority sectors, before diverting focus a wider range of schemes. In other words, we hope that the Government’s phased implementation plan will ensure the initial priority sectors have time to embed before the next tranche of schemes are progressed. This phased approach will not only be crucial to ensure schemes are interoperable, but also to building consumer trust and understanding. 

Our members stand at the forefront of Smart Data driven innovation, meaning techUK is well positioned to articulate a holistic, industry-led vision for Smart Data scheme implementation. We look forward to continuing to support Government in their work to transform the UK into a Smart Data driven economy. 

Our Director for Tech & Innovation, Sue Daley OBE, sits on the Smart Data Council, and we have a dedicated core group of members in our Smart Data Steering Group who ensure our messaging remains credible, relevant, and, crucially, industry led. For members looking to develop and/or implement Smart Data schemes, and similarly for those already championing innovation in this space, techUK will continue to advocate for you and forge connections with Government, regulators, and leading industry partners.  

If you would like to discuss techUK’s work on Smart Data further, please contact Dani (Daniella.bennettremington@techUK.org).