UK ministers to soften clampdown on tech deals: Telegraph
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The Digital Markets Unit within the Competition and Markets Authority was set up to curb the market power of tech giants.
PHOTO: AFP
LONDON (BLOOMBERG) - The United Kingdom government plans to dial back on a proposed clampdown on tech acquisitions by its new technology watchdog, bowing to pressure from Silicon Valley, the Telegraph reported.
The Digital Markets Unit within the Competition and Markets Authority will have its powers to block takeovers reined in significantly after the likes of Google and Facebook, as well as British start-ups, argued that it would hamper investment, the newspaper said, citing anonymous sources.
The regulatory division was set up to curb the market power of tech giants but opponents claimed that the start-up scene would be collateral damage of stricter rules. The initial plan was to introduce the unit's new powers after a series of consultations, the Telegraph said.
"Our pro-competition regime will change the conduct of the most powerful tech firms and protect the businesses and consumers who rely on them right across the economy," a spokesman for the Department for Digital, Culture, Media and Sport told the Telegraph. "This is about supporting competition and innovation, not stifling it."
