Kemi Badenoch, business secretary, is preparing a “strategic guidance” that will ask the CMA to promote “supply growth and investment.” Photo: Victoria Jones/Pennsylvania.
British competition regulator should be ordered to focus on boosting growth and lowering the cost of living amid fears the regulator could block deals that could help the economy.
Kemi Badenoch, business secretary, is preparing a “strategic guidance” that will formally ask the Competition and Markets Authority (CMA) to promote “supply growth and investment” by protecting competition and providing lower prices to consumers.
In her department said, “Regulators too often don't give growth the priority it needs, and we're determined to change that.”
The intervention comes after Jeremy Hunt, the Chancellor, appeared to take a personal stance at the CMA last month when asked about his decision to block Microsoft's $69bn (£55bn) takeover of Activision, the video game giant behind Call of Duty.
He said: “One of the reasons companies like Microsoft and Google want to invest in the UK is because we have independent regulators that are not controlled by politicians “, Mr. Hunt said at a business conference.
< p>“I don't want to undermine this at all, but I think it's important that all of our regulators understand their broader responsibility for economic growth.”
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Last month, Jeremy Hunt expressed personal displeasure with the CMA when asked about his decision to block Microsoft's takeover of Activision. Credit: N10-4595. its intrinsic focus on schemes of diversity.
The Telegraph recently reported that the body has published internal guidelines encouraging employees to use 10 percent of their work time to participate in groups and events that promote “an inclusive culture and work environment where everyone can thrive and give their all to work.” .
The company is currently operating a “hybrid work model” that encourages employees to spend up to 60% of their time working from home.
One government source warned that the strategic directions are not are binding and can simply be ignored by the CMA. “They don't need to accept any notifications,” the source said.
But a draft document in the pipeline stated that “the government's overriding expectation is that the CMA should focus on delivering results that help individual consumers and businesses cope with cost-of-living challenges while driving sustainable growth and productivity, and maintaining and strengthening the position UK as a leading global investment destination.”
A “smarter” approach to regulation
The document is described as outlining “how the CMA should approach its work”, adding: “The CMA should keep this direction in mind when it sets its strategy and when it makes decisions about where to focus and prioritize its limited resources.”
The move is part of an effort to take a “smarter” approach to regulation to grow the economy. In a paper outlining the approach, Ms Badenoch's department said Brexit was “a historic moment for this country, giving us the final word on how we govern for the first time in decades.”
It added: “We do not consider regulation to be a dirty word, but it should only be used where necessary and should be implemented in a way that provides the right foundation for our economy to flourish.”
The Commercial Department warned: “Each of us, as consumers, loses out when such regulation blocks innovation and competition, raises prices, or reduces the quality and choice of available goods and services.”
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