The British government plans to create a new regulator to monitor the increasing power of major technology platforms like Google, Amazon, and Facebook. Legislation is expected to be introduced soon.
The draft bill proposes placing the digital markets unit under the Competition and Markets Authority, the primary UK competition regulator, and granting it regulatory authority to target Big Tech companies, as reported by sources familiar with the proposal.
The UK has yet to establish legislation for a watchdog to address the increasing power of Big Tech, despite creating the digital markets unit in 2021, after making a pledge to do so three years ago.
The Digital Markets, Competition and Consumers bill outlines the creation of a regulator to oversee a select group of tech companies. These companies must generate at least £25bn in global turnover, or £1bn in the UK, and will be subject to specific rules.