The Department for Business and Trade has announced new priorities to ensure that the Competition and Markets Authority can continue to be effective, encouraging competition and growth in the economy.
This new measure precedes new powers that are being given to the CMA through the new Digital Markets, Competition and Consumers Bill.
With the cost-of-living crisis, innovation and business competition increasing in importance to grow the economy, this announcement will ensure fair competition. The importance of the new ‘strategic steer’ also helps to improve the choice for consumers- including those across the public sector -supporting supply chains and improving market resilience.
Through the new ‘strategic steer’ the government has an expectation that the CMA focuses on:
- Promoting competitive markets to support investment, innovation, and growth.
- Addressing cost of living challenges by prioritising related action.
- Responding to the challenges and opportunities that the growth of the digital economy creates.
- Acting as a thought leader at home and overseas.
- Being an independent and strong voice.
With the standards of the CMA already being world-class, this new measure will work to maintain its position as a leading regulator whilst also promoting the UK as an attractive place to do business.
Kevin Hollinrake, Minister for Enterprise, Markets and Small Business, 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.”
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