Discussion of Internet governance has been shaped by three myths; that the market can decide, that the Internet is different to ‘legacy’ media, and that national governance is unimportant. This paper challenges these three myths through an examination of Internet governance in the UK in 2003/4 and argues that the Internet is a layered, not vertically integrated, medium of communication, that three modes of governance prevail—hierarchy, markets and networks (self‐regulatory). The layers of the UK Internet are examined, their governance identified and evaluated and the conclusion drawn that network governance is a distinctive, but not universally present, characteristic of UK Internet governance and that contemporary, well functioning, arrangements may be unstable requiring stronger hierarchical governance in the future.