UK Enacts Law to Regulate Big Tech and Boost Competition

The Digital Markets, Competition and Consumers Bill empowers regulators to impose fines and enforce rules without court approval.

The law targets companies with 'substantial and entrenched market power' and 'strategic significance.'
Regulators can fine companies up to 10% of global revenue for non-compliance.
The bill addresses consumer protection issues like fake reviews, hidden fees, and transparency in subscriptions.
Companies such as Apple and Google may be forced to allow third-party app stores and fairer competition.
The law follows a similar EU regulation but allows more tailored requirements for each company.