“Some say this is inevitable or even desirable”.
“It also needs to be in a vibrant competitive digital economy and not one where there are only a few winners”, he added.
The Chancellor, Philip Hammond, was right to recognise there is a better way than just continuing with the status quo.
“These recommendations will deliver an economic boost driven by United Kingdom tech start-ups and innovation that will give consumers greater choice and protection”.
Updating existing competition rules to reflect the evolving digital landscape, including giving regulators more power to tackle “bullying tactics by market leaders'”. He also expressed the view that it would give the government an “understanding of the operation of platform markets which rely on digital advertising for revenue” and enhance the CMA’s ability to detect and assess digital mergers when these may be of concern.
Large companies should be required to provide access to key data sets to smaller firms.
The UK leads the world in embracing technology and the opportunities it delivers for people.
The Chancellor said that he would examine the proposals carefully before responding later in 2019, outlining how the United Kingdom government will implement changes required to ensure consumer choice and competitive digital markets. The Panel was chaired by Professor Jason Furman and composed of experts in economics, competition policy, law and computer science – Professor Diane Coyle, Professor Amelia Fletcher, Professor Philip Marsden and Professor Derek McAuley.
Hammonds announcement follows on from a seperate report from the House of Lords published earlier this week which said the government should create a central “Digital Authority” to take responsibility for regulating the myriad watchdogs already operating in the space. Opening markets up would also lead to new services that revolutionise how we use digital apps and programmes.
As we’ve observed before, with growing cynicism, empty gesture politics when it comes to tech regulation, particularly from non-US authorities in relation to United States firms, are empty calories in terms of responsible action.
“I agree with the report that common data standards, including around the treatment of inferred data, should be set”.
“With a history of fair and robust regulation, and with the largest tech sector in Europe, the United Kingdom is uniquely placed to set world-leading standards in the digital arena”. He believes more companies would then be able to join the market on a more equal-footing – ushering in a new wave of innovation and the creation of new social media and online search platforms.