Lack of Google and Facebook competition ‘may mean higher prices’

A lack of competition to Google and Facebook could mean consumers are paying higher prices for products such as flights, electronics and insurance, the UK competition regulator said.

The Competition and Markets Authority (CMA) also raised concerns about how the technology giants collect data and a “lack of transparency” in the way they operate.

It said their continued dominance could have “negative consequences for the people and businesses who use these services every day” and that there was a “strong argument” for new regulations.

The CMA revealed the findings in an interim report after it launched a review earlier this year into the sector.

CMA chief executive Andrea Coscelli said: “Most of us visit social media sites and search on the internet every day, but how these firms work can be a mystery.

Mark Gibson

Graduates in Northwestern University, Evanston, Illinois 1990. Move to Los Angeles California in 2004. Specialized in Internet journalism.

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