UK Chancellor to make fresh attempt to curb power of tech giants
Posted in: Government & Policy at 14/03/2019 12:34
A fresh bid to curb the market power of US tech giants will be signalled by Philip Hammond on Wednesday when he welcomes the findings of an independent review calling for government action to ensure companies including Google, Facebook and Apple face stiffer competition.
The chancellor will use his annual spring statement to promise action after a review conducted for the Treasury by Jason Furman, Barack Obama’s chief economic adviser, concluded that the dominance of the big digital players was curbing innovation and reducing consumer choice.
British Panel Calls for Stricter Antitrust Rules on Tech Giants
The expanding power of technology companies has become a talking point in the United States presidential race, a subject of debate in India and a top focus of regulators in the European Union. Now, Britain is adding its voice to the worldwide backlash.
Big Tech is reducing consumer choice and harming innovation, according to a British government report released on Wednesday. The government, as a result, needs to overhaul its antitrust policies.