If you have nested dictionaries with only 'a' and 'b' keys, then I suggest the following solution I find fast and very easy to understand (for readability purpose):
L = [x['a'] for x in data]
b = [x['b'] for x in data]
for i in range(len(L)):
L[i].update(b[i])
# timeit ~1.4
print(L)