- The UK government has set out top priorities to ensure the continued effectiveness of the Competition and Markets Authority (CMA)
- Focus on tackling the cost of living and growing the economy
- It comes ahead of new powers set to be given to the CMA in the Digital Markets, Competition and Consumers Bill
The Government has today set out a new set of priorities for Competition and Markets Authority in a bid to encourage greater competition and grow the economy.
At a time when business competition, innovation and the cost of living are high on people's list of concerns, the need for a robust and effective competition regulator is crucial for the economy.
Today's announcement ensures competition will be fair for both big and small firms, improving choice for consumers while supporting supply chains and market resilience - the work of the Competition and Markets Authority has never been more important.
This is why the UK government has issued its latest 'strategic steer' to the CMA, with an expectation that they focus on:
- Supporting investment, innovation and growth by promoting competitive markets
- Prioritising action that addresses cost of living challenges
- Responding to the challenges and opportunities created by the growth of the digital economy
- Acting as a thought leader at home and abroad
- Being a strong and independent voice
These steers are part of the CMA's wider role to directly deliver economic benefits to the UK economy of at least 10 times its relevant costs.
Minister for Enterprise, Markets and Small Business, Kevin Hollinrake, said:
"The need for a robust competition regulator is crucial at a time when competition, innovation and the cost of living are high on people's list of concerns.
"That's why we have set out our top priorities to the CMA to ensure more investment, innovation and growth for the economy, and brought forward legislation to foster more competition in digital markets and enhance the CMA's consumer powers."
This latest steer is aimed at maintaining the already high standards of the CMA, and protecting its reputation as a world class regulator, all the while ensuring the UK remains an attractive place to do business.
To support the CMA further, the Digital Markets, Competition and Consumers Bill, currently progressing through Parliament, will update and strengthen the UK's competition regime, including through a new pro-competition regime for digital markets, and enhance the CMA's consumer powers.
Notes:
- the CMA should report on how it has taken account of the steer but it has no legal basis.
