The UK start-up economy is one of the most dynamic in the world, with native digital businesses flourishing in a wider movement towards technology-driven businesses.
Innovation and transformation are at their peak. Even though the UK government's 2020 budget was presented while attention is focused on the current pandemic, the continued development of the country's digital landscape has not been sidelined.
A working group on digital markets will be deployed by the The Department of Digital, Culture, Media and Sports (DCMS) is investigatinga pro-competitive regime for the digital platform markets.
As stated in the Red Budget Book, the government will review existing national or EU-derived regulations which "couldhinder digital competition and anchor monopoly behavior. "
Regulatory reforms applying to digital and technology companies, he continued, will be "pro-innovation and consistent", while a review of advice on implementation will be carried out."Pro-competitive code of conduct for digital platforms with strategic market power", like Amazon and Google.
What does this mean for SMEs?
The DCMS watchdog has already considered various interventions before the reporting deadline of July 2, 2020.
Potential plans include a binding code of conduct, rules for greater transparency in the use of data, policies that give users control of the data, and company-specific measures to manage their source. of energy in the market.
Insiders predict the proposal will set the tone for businesses across the country.Regulating competition is essential in the online space, as mergers and acquisitions of startups and small tech companies usually occur in an extremely competitive industry.
Therefore, a proposal that includes the creation of a pro-competitive code of conduct for large companies is good news for SMEs.
A playground with a set of rules can support SMEs in the digital market that could have been prevented by "FANG" (Facebook, Amazon, Netflix and Alphabet) and other tech giants.
Last month, Brussels announced plans for an AI framework based on "excellence" and "trust". The commission aims to distribute resources equally across the value chain for best practices of transparency and collaboration among emerging technology companies.
While regulations and policies are in place to impose order on the disruptive technological landscape, the UK government does not wish to tame innovation.
"In all of the proposals, the government is clear that any future intervention must strike the right balance betweenpromote competition and innovationon the one hand and avoiding disproportionate burdens on business, on the other hand. "
The government recognizes that timely action is needed in these rapidly changing markets. Failure to act could allow poor competition results to persist, with consumers ultimately suffering, ”as the government website said.
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