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Better Choices: Better Deals

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:

  • To put consumers in charge so that they are better able to get the best deals for themselves individually and collectively as well as looking at ways to empower the most vulnerable who may not otherwise benefit from these exciting developments.
  • To contribute to our broader growth agenda, supporting a strong private sector recovery and helping to raise underlying long-term growth rates.

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:

  • A radical new programme of work – ‘mydata’ – which will enable consumers to access, control and use data currently held about them by businesses;
  • A range of new ways of ensuring that consumers are given richer, more relevant information about the goods and services they buy (including clearer information on Credit Card Statements);
  • A drive to encourage collective purchasing and collaborative consumption, which enable people to come together to buy or use goods;
  • The development of a self-regulatory quality mark for web and comparison sites, and the publication by Government of complaints and performance data held about businesses

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.

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Better Choices: Better Deals in PDF Format
File type: PDF - Portable Document format | File size: 925.03 kB

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Publication date: 13/4/2011

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