Businesses and consumers will benefit from new growth-focused Strategic Steer set for the Competition and Markets Authority (CMA), in the latest step of the government’s agenda to reform regulation to drive growth as part of the plan for change.
- Government delivers new strategic steer to competition watchdog to prioritise growth while ensuring effective competition and consumer protection
- The steer reset CMA’s priorities with aim to create a level-playing field for businesses through more transparent, timely and responsive regulation
- Part of wider push to ensure regulators drive investor confidence and support economic growth across the UK as part of the plan for change
Businesses and consumers will benefit from new growth-focused Strategic Steer set for the Competition and Markets Authority (CMA) today (Thursday 15 May), in the latest step of the government’s agenda to reform regulation to drive growth as part of the plan for change.
The steer resets the competition watchdog’s priorities, with a renewed focus on prioritising growth and investment while ensuring free and fair competition and protecting the rights of consumers.
In addition to this, the steer is focused on minimising uncertainty for businesses by encouraging the CMA to be proactive, transparent, timely, predictable and responsive in its engagement, underpinning the government’s upcoming industrial strategy.
The independent CMA has already set out positive plans to address these issues to deliver meaningful reforms, by announcing their new public commitment to the pace, predictability, proportionality and process of their mergers investigations, digital and consumer work – giving businesses more clarity and confidence in the CMA’s work. The Government wants to see the same level of ambition from other regulators.
This is just one part of its wider commitment to reforming the regulatory landscape with work underway to improve licensing regulations for businesses, a new regulation innovation office to speed up regulatory decisions and consolidating the Payment Systems Regulator (PSR) into the Financial Conduct Authority (FCA).
This is to ensure delivery not only for businesses but for taxpayers too by driving investment, boosting confidence and setting out the stall for the upcoming industrial strategy that will articulate a new relationship between business and government to boost growth – delivering the plan for change.
Business Secretary Jonathan Reynolds said:
This government believes in promoting and protecting competition – that is fundamental to our growth mission and Britain’s modern Industrial Strategy. Our economic regulators are crucial to creating the conditions for increased growth and investment. This steer sets out the government’s priorities for the CMA.
I am grateful for the positive approach taken by the new Interim Chair and the Chief Executive as they re-focus the work of the CMA, supporting our Plan for Change to drive growth, investment and business confidence while protecting consumers.
Chancellor of the Exchequer, Rachel Reeves, said:
Competitive markets are more important than ever for attracting investment into the UK and driving economic growth, and our new Strategic Steer for the CMA will help us achieve these goals, making Britain the best country to do business.
We fully support the CMA’s independence and welcome the steps it has already taken to act swiftly, predictably, independently, and proportionately to promote competition, protect consumers and strengthen our economy.
Sarah Cardell, Chief Executive of the CMA, said:
The Strategic Steer reinforces the importance of a strong, independent competition and consumer protection regime, whilst situating this 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.
It reinforces the approach we have set out in the CMA’s 2025/26 Annual Plan and in the roll out of our 4Ps approach, focused on driving greater pace, predictability, proportionality and an improved process committed to strong stakeholder engagement.
The government expects the CMA to clearly communicate how it is taking account of the steer and report on how it has applied the steer in practice in its annual report.
Source: gov.uk
