From Business Insider:
The British government plans to hit social-media firms with fines potentially worth billions of dollars if they fail to rid their platforms of content considered harmful.
In an interview with Business Insider, the UK's digital minister, Margot James, said a new independent tech regulator would be given powers to punish companies, including Facebook and Google, found not to properly protect users.
The plans are set to be detailed in full in a policy paper on internet safety next month, but James gave Business Insider some insight into the government's thinking on how the new sanctions regime could work. It comes as lawmakers across the world are drawing up new rules to bring the biggest tech giants to heel.
UK ministers are planning to establish a powerful new tech regulator that will be independent of government. It will make determinations about what constitutes harmful content and dish out penalties for firms that fail to take swift action in removing inappropriate posts.