Monday 14 March 2022

GDPR is a symptom of European decline. So is the EU.

GDPR is a big mistake and a parable. A parable that teaches that the European Union is a disastrous, completely useless, bureaucratic, authoritarian disaster. I used to think the EU was fine for Europe though not for England, but I see now that it is terrible for Europe too.

From an article in the Telegraph today:

“The report found that on average GDPR had reduced sales from tech companies by 2pc. And it had reduced profits by 8pc. Even more seriously it also found it has had a greater impact on smaller companies and left the American tech giants largely unscathed.

"The main impact of GDPR has been to hugely push up the cost of compliance for any kind of business that handles information (and that is just about everyone – it is hard to run a company without holding any kind of data these days).

"According to a report from PwC, some European companies are now spending €10m (£8.4m) a year on compliance, and while start-ups won’t need to budget for quite that much, it is still going to eat up a chunk of their capital. The result? We have far less innovation than we otherwise would have.

"Next, it has hammered profits. It is significant that while sales have fallen only marginally as a result of the legislation the report found that profits had fallen by four times as much....

"Finally, it increases the dominance of the existing giants. It should be no great surprise that the established mega-companies are the ones least affected by the regime."

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