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UK Government Unveils Priorities for CMA to Boost Economy and Tackle Cost of Living

 |  November 23, 2023

In a strategic move aimed at enhancing economic growth and addressing concerns over the rising cost of living, the UK government has outlined key priorities for the Competition and Markets Authority (CMA). The announcement precedes the upcoming implementation of additional powers granted to the CMA through the Digital Markets, Competition, and Consumers Bill.

Acknowledging the current challenges facing businesses, innovation, and the financial strain on households, the government’s focus on fortifying the role of the CMA underscores its commitment to fostering fair competition and sustaining a resilient economy.

The priorities set out by the government aim to create a level playing field for businesses of all sizes. This approach is poised to enhance consumer choices while simultaneously providing crucial support to supply chains, reinforcing market resilience in the face of economic uncertainties.

Read more: UK’s CMA Increasingly Hostile to Business, Says INEOS Chair

With the cost of living and economic growth taking center stage in public concerns, the government’s announcement signals a recognition of the pivotal role played by the CMA in ensuring fair competition, safeguarding consumer interests, and promoting market efficiency.

The upcoming Digital Markets, Competition, and Consumers Bill, set to confer additional powers to the CMA, underscores the government’s proactive stance in adapting regulatory frameworks to the evolving landscape of the digital economy. The bill is anticipated to empower the CMA to address challenges arising from the digital marketplace, thereby ensuring a fair and competitive environment for businesses operating online.

Experts suggest that the effective enforcement of these new priorities will be instrumental in fostering a business environment that encourages innovation, protects consumers, and propels economic growth. By addressing concerns related to the cost of living and bolstering the economy through healthy competition, the government aims to establish a foundation for sustained economic prosperity.

Source: Gov UK