The UK’s competition regulator will gain legal powers to adapt rules for big tech companies such as Meta, Alphabet and Amazon to ensure they treat businesses and consumers fairly, in line with the King’s Speech, which sets out priorities from the government.
The Competition and Markets Authority (CMA) created a specialist digital markets unit more than two years ago, with the expertise to examine fast-moving markets such as social media.
The proposed Digital Markets, Competition and Consumers Law, whose powers were originally supposed to come into force in 2022, will give the unit the “teeth” necessary to fulfill its mission.
A small group of large technology companies with designated company status will have to comply with the rules, the government said.
They could be fined up to 10% of their global revenue in case of infraction, according to the proposed law announced on Tuesday.