LONDON (Reuters) -Britain on Thursday told its antitrust regulator to get behind its push for economic growth and minimise uncertainty for businesses by making more timely, transparent and responsive interventions in merger control, digital markets and consumer protection.
Since taking power last year, the Labour government has stepped up pressure on the Competition and Markets Authority (CMA) and other regulators, demanding they play their part in tearing down barriers that hold back growth.
The CMA is independent but it follows a “strategic steer” set by the secretary of state for business.
“Our economic regulators are crucial to creating the conditions for increased growth and investment,” Business Secretary Jonathan Reynolds said in a government statement. “This steer sets out the government’s priorities for the CMA.”
Reynolds signalled the CMA’s new steer in February, saying it needed to be “less risk-adverse”.
The CMA gained new powers to scrutinise “big tech” companies like Google, Meta, Apple and Amazon at the beginning of this year, adding to a widened remit to police mergers after Brexit.
Prime Minister Keir Starmer singled the CMA out last year as a regulator that needed to take economic growth more seriously.
The government reinforced the point by making former Amazon executive Doug Gurr interim chair of the CMA in January.
CMA CEO Sarah Cardell said the government had situated a strong competition regime “squarely in the context of the growth mission”.
“The steer provides helpful clarity on how the CMA should prioritise and go about our work, promoting competition and protecting consumers with a sharp focus on supporting higher levels of investment and economic growth,” she said.
(Reporting by Paul Sandle; Editing by Paul Simao)
