Boost for UK’s tech sector as government plans to drive up competition
The government has today unveiled new proposals designed to increase competition in the UK’s tech sector.
According to the new proposals, digital firms with deep-rooted market power to be subject to mandatory code in order to drive up competition and enable smaller businesses to grow.
New powers proposed include the ability of the Digital Markets Unit to suspend, block and reverse decisions by tech giants, as well as issue fines of up to 10 per cent of turnover for serious breaches.
Digital Secretary Oliver Dowden commented: “The UK’s tech scene is thriving but we need to make sure British firms have a level playing field with the tech giants, and that the public gets the best services at fair prices.
“So we will be giving our new Digital Markets Unit the powers it needs to champion competition and drive growth and innovation, with tough fines to make sure the biggest tech firms play by the rules.”
Business Secretary Kwasi Kwarteng added: “Tech has transformed our lives for the better, whether it’s helping us to stay in touch with our loved ones, share content, or access the latest news.
“Nobody wants to see an unassailable monopoly and our common sense reforms will help protect consumers, support ground-breaking new ideas and level the playing field for businesses.”
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