I would approach the problem from two angles.
Firstly, I would hold social media platforms account for the spread of information using the same regulations applied to TV broadcasting advertising. If a TV channel is found to broadcast an advert with false claims, they can be penalised. Social media platforms could face similar penalities for publishing false adverts and misinformation.
Secondly, I would introduce personal data usage tax to demonetize targeted advertising to UK IP addresses. It would enforce any revenue generated from targeted advertising that uses someone’s personal data to be shared between the host of the data and the person whose data it is. For example, assume even split for ease of explanation, if revenue was generated through targeted advertising using my personal data, 33% would be shared with the owner of the data (me), 33% to government through tax and 33% kept by the host (social media platform). This would empower people to own their personal data while generating a high taxation income for the government. It would also disincentivise the abuse of personal data that we are currently experiencing today.
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