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Digital firms with deep-rooted market power to be subject to mandatory code to drive up competition New powers proposed for watchdog to suspend, block and reverse decisions by tech giants, and issue fines of up to 10% of turnover for serious breaches
Watchdog to boost UK startup scene by creating level playing field
Proposals have been set out for a new pro-competition regime for digital markets that will support the UK’s growing tech sector and protect consumers.
The Digital Markets Unit (DMU) will be given the power to designate tech firms that hold substantial and entrenched market power with ‘Strategic Market Status’ (SMS). This will require them to follow new rules of acceptable behaviour with competitors and customers in a move that will benefit the public and drive growth and innovation across the economy.
The DMU, launched in non-statutory form within the Competition and Markets Authority (CMA) in April, will work alongside firms to inject stronger competition into the digital tech sector resulting in more innovation and fairer terms for UK businesses, including startups, news publishers and advertisers. It will bring better consumer choice and control, making it easier for people to take their business elsewhere.
The proposed new powers are expected […]