One solution would be the creation of a regulator that couldgive local authoritiesand organisations in the UKcommunal ownership of data in a way that protects privacy, the report claims.

The regulator would be part of a new Office for the Digital Common, and would have the power to protect valuable UK digital data, such as that derived from the NHS, from unfair international exploitation.

It also recommends steps to bring the value created by data under local and regional control, as is already being pioneered by innovative cities such as Amsterdam and Barcelona.

"Local authorities, metro mayors and devolved administrations can do the same in the UK," said Mr Meadway.

For instance, they could compelcompanies to share data as a pre-condition of winning a service contract, and push for locally collected data to be made open to use by others.

"Competition policy alone, at least in the sense of simply trying to break up some of these digital giants, could both reduce the value to the public of operating at scale and, by creating smaller digital companies with similar business models, could simply reproduce some of the socially damaging behaviour we have seen," saidMr Meadway.

Big Tech faced a grilling from the US Congress last week over its swelling powers in an unprecedented hearing that saw the bosses of Amazon, Google, Facebook and Apple all appear together by videolink for the first time.

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UK regulator is needed to keep powers of tech giants in check - Telegraph.co.uk