Britain to Give New Tech Regulator Statutory Powers

Skyscrapers in The City of London financial district are seen from City Hall in London, Britain, May 8, 2021. REUTERS/Henry Nicholls
Skyscrapers in The City of London financial district are seen from City Hall in London, Britain, May 8, 2021. REUTERS/Henry Nicholls
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Britain to Give New Tech Regulator Statutory Powers

Skyscrapers in The City of London financial district are seen from City Hall in London, Britain, May 8, 2021. REUTERS/Henry Nicholls
Skyscrapers in The City of London financial district are seen from City Hall in London, Britain, May 8, 2021. REUTERS/Henry Nicholls

Britain will give statutory powers to a new technology regulator so it can enforce pro-competition rules and prevent tech giants including Google and Facebook from using their dominance to push out smaller firms and disadvantage consumers.

“The government will introduce legislation to put the Digital Markets Unit on a statutory footing in due course,” the Department of Culture, Media and Sport (DCMS) said in a statement on Thursday.

A spokesperson for the DCMS declined to comment when asked if legislation will be included in the government's program for the coming year, due to be outlined in the Queen's Speech on May 10.

The Digital Markets Unit (DMU) was launched in non-statutory form within the Competition and Markets Authority (CMA) last year to make sure tech companies don't abuse their market power.

The change would give the unit stronger enforcement powers, Reuters reported.

The DCMS said its proposals would make it easier for people to switch between Apple iOS and Android phones or between social media accounts without losing their data.

Smartphone users could get more choice of search engines and social media platforms and more control over how their data is used by companies.

The DCMS said small and medium-size businesses would get better pricing from big tech firms that they use to trade online. The firms would need to warn smaller companies about changes to their algorithms that drive traffic and revenues.

The proposed measures would also make sure news publishers are able to monetize their online news content and be paid fairly for it. The DMU would have the power to step in to solve pricing disputes between news outlets and platforms. App developers would be able to sell their apps on fairer and more transparent terms.

“We want to level the playing field and we are arming this new tech regulator with a range of powers to generate lower prices, better choice and more control for consumers while backing content creators, innovators and publishers, including in our vital news industry,” said digital minister Chris Philp.

The DCMS said the DMU will be able to levy fines of up to 10% of annual global turnover.



EIB to Allot 70 Bln Euros for Tech Sector in 2025-2027

FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo
FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo
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EIB to Allot 70 Bln Euros for Tech Sector in 2025-2027

FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo
FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo

The European Investment Bank is likely to announce on Friday plans to pump 70 billion euros into the development of European technology firms over the next three years, EU officials said.

The program, called Tech EU, is meant to help Europe compete with China and the United States in the race for innovative clean and digital technologies.

The EIB, the biggest multilateral lender in the world with a balance sheet total of 556 billion euros, expects its own 70 bln euros to mobilize a further 250 billion euros of private cash as investors crowd into projects supported by the EIB, Reuters quoted EU officials as saying.

The 70 billion is to be split into 20 billion euros for equity and quasi-equity, 40 billion euros for loans and 10 billion for guarantees in 2025-2027, the officials said.

The plan is to complement European Commission efforts to support higher risk ventures and innovative companies throughout their investment journey, from proof of concept to an initial public offering.

The EIB wants to focus on supercomputing, artificial intelligence, digital infrastructure, critical raw materials, green industries such as offshore wind, health, security and defense technologies, robotics and advanced materials, the officials said.