UK competition regulator introduces reforms to speed up growth

By Aysu Bicer

LONDON (AA) - Britain’s competition regulator, the Competition and Markets Authority (CMA), on Thursday responded to government calls for measures to support the economy with a series of new proposals aimed at boosting growth, investment, and business confidence.

CMA Chief Executive Sarah Cardell outlined the regulator’s new approach in response to increased pressure from ministers to balance competition oversight with economic stimulation.

Following the UK Business Secretary Jonathan Reynolds’ announcement of a new ‘strategic steer’ for the CMA, Cardell promised a “package of carefully considered proposals for rapid change” to improve the speed and predictability of the regulator’s decisions while maintaining the robust, independent framework that underpins the UK’s competition regime.

Cardell emphasized that the CMA's primary goal is to promote growth and investment while protecting consumer interests, citing previous concerns that regulators could unintentionally harm the economy by being overly strict on mergers and acquisitions.

However, she also acknowledged the need to foster a business-friendly environment in the UK, particularly in light of increasing global competition.

The regulator will also consider a more measured approach to global deals, often deferring to other regulators who may have already addressed concerns in the UK.