Like them or loathe them, social media companies have transformed the world in which we live. From finding love to toppling corrupt governments, this multi-billion dollar industry – with sharing as its organising principle – can be a force for good.

As a former science and innovation minister, I know we are only at the start of this technological revolution. And I want Britain to be the go‑to place in Europe where digital platforms – including social media and messaging behemoths like Facebook, Instagram, Snapchat, YouTube and Tinder – can flourish.

But that also means recognising that this great leap forward in connecting people can cause harm, to individuals and society at large. The argument that the web should be beyond careful regulation is long past its sell by date. Social media giants have come of age and are making vast profits. Now they must take on the big responsibilities we expect of all big companies.

To lead the world, therefore, Britain must set a new standard for these firms: to enhance their reputation and sustain their business models for the long term, by protecting their users.

The time to act is now. A growing body of research has linked social media use to a range of mental health problems, from depression and anxiety to eating disorders and sleep problems. As the generation that use social media the most, it is those aged 16 to 24 that are being hardest hit.