The antitrust watchdog aims to promote competition among technology companies.
The British government has announced a new regulatory body – Digital Markets Unit to stop a few tech companies from dominating the market. Currently, the government says Google and Facebook took home 80% of UK digital ad spend in 2019.
The move comes at a time when tech giants like Google and Facebook are facing global scrutiny about their anti-competitive practices. Though the Digital Markets Unit was first announced in November last year, it does not have full legislation support yet.
Once Parliament approves, the agency will be able to issue fines, reverse corporate mergers and institute a legally binding code of conduct for platforms. The antitrust watchdog will have about 60 staff members and will be led by Will Hayter, a crucial member in the UK’s transition out of the European Union.
[2 minute read]