Tech

Alphabet to Meta, UK consumers at risk from ‘predatory’ big tech companies, Report warns


UK consumers could be at risk from the predatory behavior of Big Tech companies if the government continues to delay new laws.

UK consumers may be at risk from the “predatory” behavior of Big technology companies if the government continues to delay new laws that limit their power, according to a new lawmaker’s report.

The Business, Energy and Industrial Strategy Committee has urged the government to pass the Digital Markets Bill, according to a report third publication. The new law will strengthen the powers of the Competition and Markets Authority and its new unit with policy mandates on technology companies.

The CMA is strengthening its stance on post-Brexit tech domination with its newly created Digital Markets Unit, which will be able to enforce the code of conduct and potentially suspend, block and reverse transactions. decisions made by companies such as Alphabet Inc. and Meta Inc. The new rules could increase the potential maximum penalty to 10% of their global revenue.

But the DMU has been in limbo since it was presented in this year’s Queen’s Speech, meaning it can now only function as a shadow as it awaits formal legislative power from government. The European Union took the lead with similarly landmark new legislation, the Digital Markets Act, although the UK was at times ahead of its plans.

Darren Jones, chair of the BEIS committee, said: “The Digital Markets, Consumer and Competition Bill has broad support and should be prioritized, particularly given the difficulty the government is currently facing. right in passing other, more controversial laws,” said Darren Jones, chair of the BEIS committee. “This bill is a necessary stepping stone to move this issue forward.”

The UK’s Financial Conduct Authority also said on Tuesday that it was looking into potential antitrust benefits or pitfalls from the world’s biggest tech companies entering service sectors. retail finance in the country.

Silicon Valley The financial regulator said companies could harm consumers if they quickly gain market share in the financial sector and can exploit this.

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