Tom Blomfield critiques competition regulators amid proposals affecting Google.
- The US seeks to dismantle Google’s hold on the web browser market.
- Blomfield likens regulators to ‘religious zealots’ meddling in industry affairs.
- Blomfield champions consumer choice and criticises excessive regulation.
- UK regulators question Google’s dominance in online advertising.
Tom Blomfield, co-founder of Monzo, has expressed strong disapproval towards competition regulators in light of suggested measures to dismantle Google’s control over its Chrome browser. Recently, the United States Department of Justice advocated for restructuring Google’s business, requiring the tech giant to divest Chrome to mitigate its monopoly.
Blomfield conveyed his criticisms through social media, drawing an analogy of regulators to ‘religious zealots.’ He argued these entities impose their beliefs on the broader industry. His comments arrive at a time when Google’s Chrome, having been introduced as a beta version in 2008, dominates the global browser market with over a 65% share.
He expressed satisfaction with Google Chrome being the default browser, asserting that users have the autonomy to switch if desired. Blomfield highlighted the substantial ‘consumer surplus’ generated by Google products. He challenged the prevailing notion of regulation as a panacea, urging a reduction in regulatory measures.
The UK’s Competition and Markets Authority (CMA) has similarly scrutinized Google, expressing worries over the company’s influence in online advertising and its prioritization of proprietary products. Earlier investigations by the CMA, such as the inquiry into Google’s investment in AI firm Anthropic, have taken place, though a recent probe concluded without further action.
Additionally, the CMA called for measures against anti-competitive practices related to app stores by both Apple and Google. In past dealings, even Monzo faced regulatory action when the CMA pressed the bank to improve its handling of departing customer accounts.
Blomfield’s comments ignite a debate on the balance between regulation and innovation in the tech industry.
