The U.K. government on Tuesday published a draft bill that would give a newly created division within the independent competition regulator powers to levy huge fines against Big Tech firms for competition abuses, and investigate and block acquisitions with greater speed.
The draft Digital Markets, Competition and Consumers bill will take aim at tech companies with annual revenues of at least £25 billion ($31.2 billion) globally, or £1 billion in the U.K., according to a statement.
That's sure to include Amazon , Apple , Google , Microsoft and Meta , which generated $514 billion, $394.33 billion, $282.8 billion, $198 billion and $116.6 billion in revenue respectively in 2022.
The CMA has been at the center of some major Big Tech crackdowns lately.
The watchdog has held up Microsoft's $69 billion acquisition of video game publisher Activision Blizzard with an in-depth competition investigation.