Thread by @markscott82

Stat of the Day: UK #antitrust authority wants powers to fine Big Tech companies that flout new digital competition rules up to 10% of their global revenue (that’s quite a lot, ICYMI).

Worth noting: that’s the same fine as EU already has in place, so 🤷‍♂️

The UK has been doing some good work on how to “fix” competition in the digital world — and its guidance has been well-read globally.

That includes creation of “Digital Markets Unit” to oversee drafting of new competition rules fit for digital age

So far, this all makes sense. After #Brexit, UK antitrust agency will have a lot more powers, and — like others — it’s trying to figure out how best to rebalance digital markets while maintaining innovation/inward investment

But this is where, imho, things could very likely breakdown: balancing a stronger digital antitrust focus w/ keeping Big Tech companies happy so they keep investing locally

In other areas (data protection & online content rules, in particular), London has talked a good game, but then eventually backed down on really burdensome rules. Just check out @MattChapmanUK’s story on UK backing down when confronted by Zuckerberg, personally

So before we all get carried away (remember: the UK’s fine just matches what’s already on deck in EU, and will likely never reach 10% max), let’s keep some perspective that “proposals” don’t always lead to actual legislation

The UK finds itself in an interesting position post Brexit, having the ability to try out new digital rules in ways that are quicker/more flexible than what it could have done as part of EU (<<ducks abuse from Remainers>>)

But, so far, London has shown itself more eager to talk a good regulatory game while keeping investment flowing — and has yet really turned its “we need to be tough on Big Tech” rhetoric into actual law (big exception: digital taxes, though that could also be pared back)

LOL. UK doing some great trolling of EU ahead of bloc’s digital competition overhaul to be announced next week. A lot of these UK proposals look *very similar* to what should be coming from Brussels next week. bit.ly/3lVQZ9k

That includes: defining what constitutes “gatekeeper” companies (UK calls these firms w/ “strategic market status”); an enforceable code of practice for how these companies can — and can not — operate; & greater #antitrust powers to monitor for potential abuse

Current scenes from inside the Commission

I mean, they're not even trying to hide it: "The SMS regime should be an ex ante regime, focused on proactively
preventing harm."

This is interesting re: global antitrust cooperation: "Our proposals cover information-sharing &
establishing network of agencies to tackle the conduct of the most powerful digital firms, modeled on the ‘colleges’ which currently exist
for supervising the largest global banks"