Signal DMCC Act 2024 gives the CMA new digital market powers

Summary

The Digital Markets, Competition and Consumers Act 2024 gave the Competition and Markets Authority new powers to promote competition in digital markets. These powers are used to address competition issues involving the most powerful digital platforms and to make sure powerful digital firms treat consumers and businesses fairly. The report presents the Act as a mitigation for two chronic risks, reliance on digital platforms and the dominance of big technology firms. It responds to concerns that concentrating power in a few digital companies lowers innovation, produces unfair treatment and weakens consumer choice and control. The report also suggests stronger regulation could promote fairer corporate taxation, raising revenue from major technology firms while supporting healthy competition.