a Brexit goon-squad of Tory MPs
Ah, nothing like a bit of unbiased reporting, is there?
Leaving aside the political cracks, "These restrictions limit AI because they prevent AI organisations from collecting new data before they understand its potential value and they also mean that existing data cannot be reused for novel purposes" is actually an interesting point. Much of scientific discovery has come from serendipity, those "I didn't expect that, I wonder why it happened" moments, and it would be unfortunate if this was prevented.
Instead of prescribing, in advance, the data as collected for specified, explicit and legitimate purposes, effectively trying to second-guess how it will be used, perhaps it would be better to define the things it MUST NOT be used for, and leave any grey issues to be decided by courts if necessary? It's that old difference between "everything not explicitly allowed is forbidden" and "anything not explicitly forbidden is allowed", which has always been a difference between European countries.
the ruling on the UK being an adequate jurisdiction to share data with would be reviewed on an ongoing basis as UK legislation diverges from EU law.
Which is exactly how it should be (and applies vice-versa if EU law diverges as well, of course).