Britain said on Wednesday a planned new law would see social media companies fined up to 10 percent of turnover or US$25 million (RM103 million) if they failed to stamp out online abuses such as racist hate crimes, while senior managers could also face criminal action.

The Online Safety Bill also seeks to strengthen the right to freedom of expression, and ensure democratic political debate and journalistic content is protected, the government said.

"It’s time for tech companies to be...