LONDON (Reuters) – British business minister Jonathan Reynolds will demand the country’s competition watchdog be “more agile” and “less risk averse” to support the government’s pro-growth agenda, his office ahead of his speech on Thursday.
Reynolds is expected to unveil a new “strategic steer” for the Competition and Markets Authority (CMA) setting out the government’s priorities for the regulator in the speech in London, the statement said.
The steer will “direct them (the CMA) to be more focused on creating an agile, competitive business environment in the UK with less burdensome regulation,” it added. The CMA will also be told to focus on speeding up its decision-making process.
The government, desperate to revive a sluggish economy, last month forced out the CMA Chair Marcus Bokkerink after he failed to prioritise its growth agenda, replacing him with a former Amazon boss Doug Gurr.
The country’s financial regulator has warned that taking greater risks to support growth could lead to more failures and harm to consumers and businesses.
(Reporting by Paul Sandle and Muvija M; editing by Sarah Young)
