UK regulators should consider need for economic growth, warns Chancellor
It comes weeks after the UK competition watchdog halted the 68.7 billion dollar (£55 billion) deal by Microsoft to buy Activision Blizzard.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.British regulators should consider their “responsibilities for economic growth”, said Chancellor Jeremy Hunt, after the UK’s competition watchdog blocked the merger between Microsoft and gaming giant Activision Blizzard.
The Competition and Markets Authority (CMA) halted the 68.7 billion dollar (£55 billion) deal by the tech giant to take over Activision, the company behind Call Of Duty and other games, due to concerns over the cloud gaming market.
On Monday, European regulators approved the move after they accepted commitments offered by Microsoft designed to ensure that the deal does not lessen competition.
Microsoft’s vice chair and president Brad Smith said the UK regulatory environment compared unfavourably with the EU and warned the “English Channel has never seemed wider” after the decision.
For our tech sector, it isn’t just about being able to get through big deals, competition really matters
Speaking at the British Chambers of Commerce’s annual conference, he said: “When it comes to Microsoft, there was a merger between two American companies that the US regulator is seeking to block, and the UK regulator took the same view.
“I think one of the reasons that companies like Microsoft and Google want to invest in the UK is because we have independent regulators that are not controlled by politicians and therefore they can be confident there will be a level playing field.
“I would not want to undermine that at all, but I do think it’s important all our regulators understand their wider responsibilities for economic growth.
“But for our tech sector, it isn’t just about being able to get through big deals, competition really matters.”