A government report back in March found that companies like Facebook, Amazon and Google are stifling innovation and reducing choices for consumers, suggesting an overhaul of the UK’s competition rules and the creation of a new regulator.
The report stopped short of saying that the tech giants should be broken up, but since then the topic has snowballed. There is now growing pressure from EU and US regulators to curb the power of big technology companies by forcing them to sell off parts of their businesses.
The digital sector has created substantial benefits for consumers and companies alike, but these have come at the cost of increasing dominance of a handful of tech giants.
By highlighting the issue, it helps demonstrates the power and dominance that today’s big tech companies have over society and why competition is so important. Having competition allows for new, ground-breaking companies to grow and thrive while helping push everyone in the marketplace to offer better products and services.
Businesses of all sizes should be able to have a fair shot of selling their products online without the fear of Amazon pushing them out of business with fake products or Google pushing them down their search results pages.
The government needs to make sure that everybody has a level playing field so that the next generation of innovative UK tech companies can flourish.