The latest statistics for YouTube show that it is far more than a web based video service - it has done for online video what Google search did for discovery online. And it remains totally unregulated in any meaningful way.
These are two total monopolies in the UK, owned and run by a company that seems to have more access to Government than NewsCorp, yet gets all the good press. Any company starting up in the UK is likely to have to compete with a company not paying any corporate taxes, and with a billion dollar war chest to destroy competitors in the UK. And David Cameron thinks that courting such companies will do British tech some good.