With the rise of 'big data' & mass algorithm use in both the tech as well as finance sector companies in the private sector are increasingly harvesting greater and greater levels of data from the public. In one last survery it was found that the world's largest data harvestor was not the NSA or the CIA but google. Yet when both tech & finance companies do this they pay next to little to members of public they collect from even though data mining is fast becoming a lucrative industry and with the rise of 'FinTech' as well as the increasing use of data in commercial medicine & retail it is time this deficiency be addressed by a future Labour government before those tech & finance firms openly begin arguing in the courts & in the press that somehow all data generated by the public which their firm collects somehow becomes their permanent property. This is wrong & not only a violation of the data rights of individuals but also financially unscrupulous.
How to rectify this problem? I propose that not only all tech & financial firms pay all UK citizens for the data they harvest from them (assuming that individual has given their permission otherwise have this banned) but in the same way the more an individual deposits his/her cash at a bank the more that bank pays money to that individual for providing funds to that bank for it's business purposes (i.e. fractional reserve lending) I propose that the more data a tech & financial firm has on an individual (& that firm is not a public sector company?) then the more money that tech & financial firm should pay that individual if that individual agrees to that tech & financial firm holding that individual's data.
This is a far more fairer system then the current system we have & because it's analogolous to how depositors are rewarded for depositing their cash with a particular bank it's a system that both the public & parliament can understand as well as create procedures surrounding it's regulation.
Furthermore this system would also provide a source of revenue to low-income families who are otherwise having their data exploited without them being either informed or compensated for it.
Additionally it would also incentivise tech & finance firms to be less reckless & greedy in their data harvesting if there is a financial requirement for them to pay every time they collect someone's data.