The Boss Of Britain’s Markets watchdog is threatening to break down US tech giants, if the current crackdown on their monopoly powers fails to protect consumers

Britain’s market watchdog boss has threatened to disintegrate the US tech titans if they fail to crack down on their monopoly power and if the small firms continue to bully smaller competitors. 

Andrea Coscelli is the chief executive officer of the Competition and Markets Authority. He warned that financial collapses could be imminent if there are no regulations to control the growth of companies like Amazon, Apple, Google, and Google. 

If other countries struggle to restrict the large tech companies, break-ups might be an appealing option for CMA. US and EU joined forces to develop new rules for online competition. 

Finger on the pulse: Andrea Coscelli, chief executive of the Competition and Markets Authority, has warned that breakups are 'in play'

Finger on the pulse: Andrea Coscelli, chief executive of the Competition and Markets Authority, has warned that breakups are ‘in play’

Coscelli made these comments during a speech about regulation that was part of an lecture series hosted by influential think-tank, the Institute of Economic Affairs. His remarks come after the CMA set up a digital regulator to stop tech companies snapping up smaller rivals that could one day grow into major competitors. 

Coscelli said: ‘It is also important to bear in mind that structural remedies – break-ups – are in play if [new] regulation does not deliver. 

“In particular, we find structural remedies more appealing if there are other jurisdictions that are interested in these solutions.” 

The digital regulator – called the Digital Markets Unit – is already operational but will not receive the power to take on the tech giants until new laws pass through Parliament. The DMU is expected to be launched officially in 2022. 

US President Joe Biden has intensified global efforts against the dominance of tech firms. He signed a sweeping order aimed at promoting competition and curbing corporate monopolies in July, and pushed for the creation of new rules on how internet providers and tech companies use data. Biden spoke out at the launch to declare that “Capitalism is not capitalism without competition.” It’s exploitation.’ 

Some of the largest corporate breakups have been led by the US. The US government dismantled the AT&T telecoms monopoly in 1984. The campaign led to JD Rockefeller’s Standard Oil being dismantled by President Theodore Roosevelt in 1911. 

CMA launched numerous investigations against tech firms. It is investigating whether Amazon and Google have done enough to combat fake reviews online, and it blocked Facebook’s £300million takeover of image firm Giphy