• Tue. May 21st, 2024

UK told it must lift digital trade barriers

Byoxfordnewspaper

Aug 17, 2022

Digital trade barriers risk fragmenting the world into regional and national “splinternets” unless governments agree on a shared approach to data regulation and transfers.

Financial services lobby TheCityUK yesterday warned that digital trade has become increasingly difficult and costly, with restrictions on international data transfers more than doubling in the last five years.

It said that digital trade is essential to the financial services industry, with 86 per cent of UK financial services exports that were worth about £53bn in 2020 being delivered digitally.