If U.K. data protection law strays too far from the European Union’s General Data Protection Regulation, however, an existing legal deal known as an adequacy agreement between the two jurisdictions could be jeopardized, privacy experts say.
Relaxing some data rules could save the U.K. an estimated £12 billion, equivalent to $14 billion, each year, Mr. Rowland said.
The U.K. has had two changes of government since data laws were proposed this summer.
The EU officials who oversee the arrangement have said they could suspend the system if British data protection laws change too dramatically.
The draft data protection legislation would loosen some aspects of the GDPR such as requirements for companies to obtain permission from individuals for their data to be tracked online.