Thought Leadership

OBL at Labour Party Conference 2024: event round-up 

27 September 2024
OBL's panel at Labour Party Conference 2024: Open Banking to Open Energy: Unlocking the data economy

The Open Banking Limited team were in Liverpool this week at Labour Party Conference, Labour’s first conference in government since 2009. The overarching themes of the conference focused on the economy and setting out its key missions in government. Championing growth, the role of tech, and housing took centre stage throughout the conference, with a recognition that this was the beginning of a long road ahead. 

Our well-attended panel event, Open Banking to Open Energy: Unlocking the data economy, held in partnership with SME4Labour and Business for Net Zero (B4NZ), highlighted the importance of open banking as a tool to unlock the smart data economy.  

Blueprint for open energy 

Henk Van Hulle, OBL CEO, opened the discussion by describing the core ingredients of open banking and how they can be applied as a blueprint for ‘open energy’. Henk outlined the success of open banking, which now counts nearly 11 million users, and how smart data schemes can bring a range of benefits to businesses, before opening up the discussion to the rest of the panel.  

We were delighted to be joined by Sheldon Mills, Executive Director, Financial Conduct Authority; Elena Pérez Celis, Head of Policy and Public Affairs at B4NZ; Gavin Starks, Founder and CEO, Icebreaker One; Cllr Geoff Barraclough, Cabinet Member for Planning and Economic Development at Westminster Council; and David Burton-Sampson MP, soon to be Chair of the APPG on Open Banking and Payments, who moderated the discussion. 

Gavin Starks outlined his work so far through his role as co-Chair of the Smart Data Council: “It has been incredibly encouraging. We’re seeing secondary legislation in development and we’re seeing regulators moving.” 

He then went on to explain the true aim of smart data schemes – putting customers and businesses in control of their data. The true value of open data can be seen through the experiences and advantages it delivers to society.

Ultimately, we’re making data portability for every person and every business in the country. And we’re giving the rights to those individuals and those legal entities to have better control over how they can use their information. It puts the rights back in the hands of the user.

Gavin Starks, Founder and CEO, Icebreaker One

The discussion then turned to the practical roles open banking and smart data can play in society, with Sheldon Mills noting the UK’s current world-leading position: “We are at an excellent point here in the UK… in terms of the number of users, the number of API calls and the quality of those. And the UK can continue to be ahead if we get a few things right.” 

How the UK can retain its world-leading position 

Explaining to the floor that countries such as Brazil are racing ahead with open finance, Sheldon championed open data schemes as a key part of ensuring the UK retains its leading position in this space. Calling for a national strategy, including improving digital identity, he stated that we need to improve regulation to truly unleash its potential.

You can’t have a digital economy if you can’t prove who you are easily and simply. We need to crack digital ID, I think that’s an important underpinning.

Sheldon Mills, Executive Director, Financial Conduct Authority

Elena also explained that she believes that smart data feeds into the wider economy as a whole, and is crucial to many aspects within it. 

David Burton-Sampson MP summarised by discussing the high-level benefits of smart data schemes, saying, “opportunity for growth is driven by smart data”, and its role in offering a crucial next step to the evolving machine of open banking.  

Importance of the DISD Bill 

With all panellists championing the new Digital Information and Smart Data Bill (DISD), it was recognised how crucial the Bill is in harnessing data to drive economic growth, improve data sharing in public services, and empowering regulators to move beyond open banking. 

This was echoed in our discussions throughout the week with ministers and newly elected MPs alike, including Small Business Minister Gareth Thomas MP. We continued to press that the revolutionary vision of the DISD Bill would deliver broad benefits and contribute to the Government’s growth agenda, and the need for it to pass at pace. 

With the right political leadership and economic strategy, open banking and smart data-sharing can help to transform the lives of our citizens and businesses, delivering much sought-after productivity gains and economic growth. 

Sustained economic growth

This week’s Labour Party Conference sought to showcase a vision for increased and sustained economic growth across the UK. The Chancellor, Rt Hon Rachel Reeves MP, highlighted this, as she outlined her ambition for growth, identifying investment as the solution to the challenges surrounding it.  

Committing to end low investment “that feeds decline”, she channelled a more optimistic tone in her keynote speech to conference. With Labour insiders and the Chancellor stating elsewhere in the conference that the government will seek to ensure fiscal rules did not block vital capital spending, the Party’s message is clear that the UK is a centre for growth.