Open Banking

What discussions he has had with the Competition and Markets Authority on the independence of open banking.

I and my officials have regular conversations with the Competition and Markets Authority on a wide range of issues, although open banking is normally handled by the Exchequer Secretary to the Treasury, my hon. Friend the Member for Saffron Walden (Kemi Badenoch). We support independence as a key criterion for the future open banking governance model.[Official Report, 20 July 2021, Vol. 699, c. 6MC.]

I am delighted to hear that the independence of open banking is a core principle. Would my hon. Friend agree that open banking potentially creates a much wider idea or direction of travel for open everything? All sorts of other sectors could benefit from this approach to allow switching to be done much more easily and much more quickly. We could open up to competition many more sectors of our economy.

I totally agree with my hon. Friend. He is absolutely right, because we want to continue the UK’s lead in open banking, but there is so much more to do with smart data. We will learn the lessons that allow us to lead in open banking and apply them to all those other areas that he mentions.

Final question—Dr Julian Lewis.

Much to my surprise, Mr Speaker—Question 35.