Big tech firms should face tougher penalties for abusing their market power, a committee of MPs has said.

The Business, Energy and Industrial Strategy (BEIS) Committee has urged the government to publish legislation that could allow firms to be fined up to 10% of global annual income for abuses.

MPs say the draft Digital Markets Bill, announced in the Queen’s Speech in May, should be published “without delay”.

Until this legislation is passed, consumers are at risk, they say.

The committee argues that existing fines have been viewed as just “a small business cost” by the big technology businesses.