LONDON( Reuters )- Britain announced on Tuesday that it would enact a new law to curtail the influence that major tech firms like Google ( NASDAQGOOGL ), Facebook( NYSEMETA ), and Amazon are able to wield in order to stifle competition in digital markets.
According to the government, the legislation will also increase consumer protection by making it simpler to cancel on subscriptions and to combat false reviews.
Two years ago, the Competition and Markets Authority ( CMA ), the antitrust watchdog of Great Britain, established a specialized digital markets unit with the knowledge to control emerging markets like social media.
However, it has lacked the lawful" teeth" to support its authority.
Once it has been approved by parliament, the bill will correct that by giving the DMU new authority over tech firms with global revenues of more than 25 billion pounds($ 31. 2 billion ) or a British turnover of at least 1 billion.
Despite fierce opposition from Google, Apple( NASDAQAAPL ) and others, the European Union last year introduced its own law to combat the dominance of big tech.
The CMA will be able to modify regulations for software companies that meet its threshold under the proposed British law to prevent them from badly depriving individuals and smaller businesses.
According to the public, they could be instructed, for instance, to give customers more options and clarity.
According to the statement, they could be fined up to 10 % of their global upset if they break the rules.
According to CMA CEO Sarah Cardell, the bill has the ability to be a" watershed moment" in safeguarding customer and ensuring that digital markets are beneficial to the American economy.
Modern markets have many advantages, but only if competition gives companies of all sizes the chance to achieve, she claimed. This legislation" is a legal model appropriate for the modern age."
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With different legal authority, Britain will combat Big Tech.
