UK regulator urges new rules to rein in Google, Facebook

 British regulators want new rules to foster competition in digital advertising markets and rein in industry's dominant players, Google and Facebook.

Competition and Markets Authority took aim at U.S. tech giants in a

authority said it was concerned that two companies have developed “such unassailable market positions" that rivals can't compete on equal terms, resulting in higher prices for hotels, flights, electronics, insurance and or goods and services that are heavily advertised online.

Google and Facebook accounted for about 80% of 14 billions pounds ($17 billion) earned by U.K.'s digital ad industry last year, authority said.

After a yearlong review, regulators found that existing laws aren't up to job of effectively regulating country's digital ad markets. y're proposing a new “digital markets unit" with powers that would include ordering Google to share its data with rival search engines so y can improve ir algorithms and limiting search giant's ability to secure default search engine position on mobile phones and browsers.

Under new rules, Facebook could also be ordered to increase its ability to operate with or social media platforms and to let consumers choose wher to receive personalised ads.

Google supports “regulation that benefits people, businesses and society," said company's vice president for UK & Ireland, Ronan Harris. “We’ll continue to work constructively with regulatory authorities and Government on se important areas so that everyone can make most of web.”

Facebook ted it faced “significant competition" from Google, Apple, Snap, Twitter, Amazon, and newer players like TikTok, and looked forward to “engaging with U.K. government bodies on rules that protect consumers."