A new report published last week (13 March 2019) by HM Treasury reveals that large technology companies do not face enough competition, which results in reduced consumer choice and innovation. It also concluded a new markets unit was needed to set and enforce rules, and existing rules need updating to tackle mergers and improve enforcement in this digital age.
The review was carried out by an independent panel made up of Professors Jason Furman, Diane Coyle, Amelia Fletcher, Derek McAuley and Philip Marsden. The panel made 20 specific recommendations for the government, which can be found in the full report (PDF).
In the report, Professor Furman cited the benefits brought by technology firms but said the rules needed to evolve to keep pace with the market. Tech giants have become increasingly dominant and ministers must open the market up to increase consumer choice and give people greater control over their data.Notes: Professor Amelia Fletcher is Professor of Competition Policy at the Centre for Competition Policy, University of East Anglia, and a NIBS Co-Investigator since 2017.
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