“Responsibility for many cases affecting UK markets, previously considered exclusively by supranational institutions in Brussels and Luxembourg, will be acquired by British authorities and courts,” it said in the draft, the foreword to which was co-signed by Andrew Tyrie, CMA chair, and Andrea Coscelli, its chief executive.
However, although the CMA has been recruiting hundreds of extra staff and had its budget boosted in preparation for the UK’s departure from the EU, “an earlier transfer of responsibilities will not come without cost”. In particular, the watchdog added, its statutory obligation to investigate all relevant mergersand state-aid cases would significantly impede its ability to carry out other tasks.
“In this scenario [of a March exit], our discretion to carry out other work, such as market studies and further enforcement, will . . . narrow considerably.”
This would be likely to adversely affect what the CMA sees as its other core functions: protecting vulnerable consumers from illegal or unfair trading practices, and improving trust in markets for everyday goods and services, particularly with its consumer protection work.
It is also prioritising better competition in online markets, such as online comparison and booking sites, and boosting the UK’s lacklustre growth and productivity by ensuring markets function effectively. [...]
Full article on Financial Times (subscription required)
Competition and Markets Authority's Annual Plan consultation 2019/20
© Financial Times
Hover over the blue highlighted
text to view the acronym meaning
over these icons for more information
No Comments for this Article