In last year’s annual plan the CMA (Competition and Markets
Authority) set out a new long-term strategy. It did this to
ensure that as the UK’s primary competition and consumer
protection authority, it is set up to deliver the best outcomes
for the people, businesses and economy of the UK in the face of a
more volatile, economically challenging and technologically
disruptive environment for all.
This 2024 to 2025 draft annual plan continues that strategy,
builds on it, and updates the CMA’s near-term areas of focus for
the next 12 months as it takes on the new responsibilities that
Parliament has given it through the Digital Markets, Competition
and Consumers (DMCC) Bill.
The CMA’s purpose is to help people, businesses and the UK
economy by promoting competitive markets and tackling unfair
behaviour. This will ensure that:
- People can be confident they are getting great choices and
fair deals
- Competitive, fair-dealing businesses can innovate and thrive
- The whole UK economy can grow productively and sustainably
As an independent body, the CMA is able to maintain an objective,
longer-term view of its strategy and the external context it
operates within. This allows the CMA to provide stakeholders with
a reasonable degree of stability and certainty around its
longer-term direction and this is reflected in the draft annual
plan.
While the CMA’s overall strategy closely reflects last year’s
revamped approach, there are some targeted updates to areas of
focus for 2024 to 2025. These include preparing for new powers
expected as part of the Digital Markets, Consumers and
Competition (DMCC) Bill. This will, for the first time, empower
the CMA to decide when consumer law has been broken and give it
the ability to directly impose significant financial penalties
for breaching it. The DMCC Bill will also mark a step-change in
the CMA’s work in digital markets, using new and targeted powers
to regulate the biggest players online. The CMA is working to
ensure it is ready to make full use of the powers, once
legislation is in force.
There are also updates to the CMA’s areas of focus which reflect
the progress the CMA has made over the last year in its work on
labour markets, artificial intelligence and housing.
Marcus Bokkerink, chair of the CMA, said:
Our 2023 annual plan set out a new long-term strategy for the
CMA. This strategy enables the CMA, as the UK’s primary
competition and consumer protection agency, to deliver positive
outcomes for the people and businesses and economy for the years
to come.
Our strategy is already delivering results. Throughout the last
12 months we have acted decisively to protect open, competitive
market conditions and to protect consumers from unfair practices
- from making it easier for drivers to find the cheapest fuel, to
clamping down on misleading online sales tactics, to creating a
level playing field for all businesses in online marketplaces,
and preventing anti-competitive dominance from emerging through
merger control. All these actions drive innovation and growth
across the economy. We are committed to deliver real value for
money for the taxpayer - our work has contributed over £20 of
direct financial benefit to consumers for each £1 spent over the
last three years.
The next year will be a significant one for us. We will reach ten
years since the CMA was established and take on new powers to
deliver even more impact for consumers and businesses as part of
the DMCC Bill. We are working hard to ensure that, once
legislation is in force, we are ready to hit the ground running
on day one.
Our consultation on the proposals set out in this annual plan
forms a critical part of our thinking and we are, as ever,
grateful for breadth and diversity of views this process brings.
The CMA welcomes suggestions in response to its annual plan
consultation by 29 January. Beyond this consultation, the CMA
will continue to engage with business groups, consumer
organisations and other stakeholders to further develop its areas
of focus and understand more the challenges facing people and
businesses across the UK today and in the future. The CMA will
publish its final annual plan in spring 2024.
More information on the CMA’s draft annual plan and how to
respond to the consultation is available on the
webpage.
