The UK will introduce a new code governing digital markets in 2021, reports the BBC. Citing the dominance of a small number of technology companies as ‘curtailing growth…and reducing innovation’, Digital Secretary Oliver Dowden said that it was ‘time to launch a new age of tech growth’. The code will set clear expectations for firms in how they interact with competitors and users. It will be overseen by a new Digital Markets Unit inside the Competition and Markets Authority, which is expected to have powers to ‘suspend, block and reverse’ decisions by technology firms, as well as imposing fines for non-compliance.
The UK will introduce a new code governing digital markets in 2021, reports the BBC.
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