Britain is coming for big tech - here's how Silicon Valley is responding

• The UK government has set out ambitious plans to regulate Silicon Valley's tech giants.
• Failure to observe these new rules could result in fines of up to billions of dollars, criminal sanctions, and bans.
• Here's how companies including Facebook are responding.

The British government has set out ambitious proposals to regulate the internet and bring to heel some of the biggest tech firms in the world.

In a policy paper published on Monday, the government said it would create an independent regulator, tasked with policing harmful content on major platforms, such as Facebook and YouTube.

Read more: Britain just laid out plans to end the internet's Wild West days and take a world-leading role in regulating big tech

Failure to observe these new rules could result in fines of up to billions of dollars, criminal sanctions, and bans for some of the worst offending websites.

The UK government will now consult on its plans for three months before drawing up legislation. The industry is already having its say. Scroll on to see how big tech is responding to sweeping new internet regulation in Britain.