A strategy document, Better Choices: Better Deals, has been published by the Department for Business Innovation and Skills and the Cabinet Office’s Behavioural Insights Team.
The Strategy draws on insights from the behavioural sciences and puts in place a new approach to supporting consumers. It has two aims:
It sets out a wide range of new initiatives introduced by the Behavioural Insights Team and Department for Business in partnership with businesses, charities and consumer bodies. These include:
Richard Thaler, co-author of Nudge: Improving Decisions About Health, Wealth, and Happiness, said:
This approach will give honest, high quality firms an edge in their battle with competitors who use obfuscation as their chief marketing strategy. Simple electronic disclosure is not costly for large firms to provide, and can provide enormous benefits to consumers. Eventually, this approach has the potential for replacing much more intrusive and burdensome regulations that firms inevitably find ways to evade.
Publication date: 13/4/2011