By the end of 2015, the data taskforce is due to report to the UK and French governments on work to establish new "principles for improving SMEs’ use of data and data science to develop new services/compete with larger players", a statement by the UK Treasury said.
In the same timeframe, the taskforce is expected to report on how "to provide greater consumer control of data and improved data portability", it said. The Treasury said the UK and France are "market leaders" in this area. The taskforce will also "make recommendations to promote greater competition between new entrants and established data-based service providers", it said.
The taskforce is also expected to report on how the two countries can better cooperate on making government data more easily accessible and available for re-use, including by businesses.
There is up to €60 billion of "untapped economic growth" that can be won from better use of data across the EU, the Treasury said.
"In recent years data-driven innovation has become one of the main new sources of global economic growth, with access to ‘big data’ swiftly becoming a company’s main asset in entering new markets as well as creating significant economic advantages," the Treasury said.
"This new taskforce will specifically consider ways to boost data access for small and medium-sized enterprises who make up over 99% of UK and French private sector businesses. The taskforce will also report on ways these businesses can harness the global opportunities that data science can bring, including how best to create safe and fair frameworks what allow data to be shared internationally," it said.