The UK government has accused tech giants like Amazon and Apple of using their dominance over the market to smother competition and has called on them to begin sharing their swathes of data.
A new government commissioned study led by Barack Obama’s former chief economic adviser Jason Furman, has called for new powers to be given to regulators in the sector in order to break their monopoly on big data.
By allowing smaller start-up companies to access the data, they will be able to develop their own artificial intelligence and “start, compete and grow alongside and around the big platforms”.
To achieve this the report suggested creating a new competition regulator called the “digital markets unit”, which would enforce an industry wide code of conduct, including forcing UK banks to share account data.
“The focus should be doing what we can to increase competition, not to punish incumbents, but make it easier for new companies to enter the market,” Furman said.
“This is a report for the UK and the option of breaking up Google, for example, is not a policy option for the UK.”
It went on to call for tougher industry scrutiny of major mergers, such as Facebook’s takeover of Instagram in 2012.
Similar calls have come from the US, as the presidential hopeful Elizabeth Warren pledged to break up the tech giants should she win in 2020.