Summary 5

1. Introduction 8

2. The UK’s big tech rules have not lived up to their promise 9

Political backing has wavered 9

Enforcement has won narrow victories 10

AI is leaving us behind 11

3. UK businesses are paying the price 13

4. Growth and sovereignty: Weighing the trade-offs 15

Good growth and inward investment 15

The UK’s sovereignty and geopolitical reality 18

5. Recommendations 22

Issue a new strategic steer for the CMA 22

Prioritise the remedies that boost growth 22

Introduce reporting requirements that sustain the CMA’s mandate 23

Align broader tech policy priorities to ensure impact 23

Maintain a proportionate enforcement framework 24

References25

Appendix: Methods 28