Tech companies like Google, Facebook, Amazon, Apple and Microsoft are stifling competition and innovation and should be subject to new antitrust rules, a new U.K. government report on Wednesday said.
"The digital sector has created substantial benefits but these have come at the cost of increasing dominance of a few companies which is limiting competition and consumer choice and innovation," said Jason Furman, former chief economic advisor to ex-President Barack Obama, who chaired the group behind the report.
"These pro-competition tools offer a better, more targeted, more pro-business and pro-consumer solution to fostering competition in digital markets than one based upon changing antitrust law to drive breakup or structural separation of dominant businesses," the report said. Last week, France unveiled a 3 percent digital tax on big internet companies, while Germany's antitrust watchdog said in February it would impose restrictions on how Facebook gathers user data. India imposed new restrictions on e-commerce giants including Amazon and Walmart last month.
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