UK Government to 'create a regulator overseeing Big Tech' in draft bill

In brief

The UK Government will reportedly legislate to create a new regulator overseeing tech giants like Google and Meta.

Per the Financial Times, the draft Digital Markets, Competition and Consumers Bill will establish a new unit under the Competition and Markets Authority (CMA) which will have the power to fine tech companies up to 10% of their global turnover, and company executives could also face fines if companies do not comply with the unit’s requests for information.

The regulator will look to monitor companies generating either £25bn in global turnover, or £1bn in the UK.