The CMA at 10: Why an independent, impartial competition and consumer protection authority is needed now, more than ever

Summary:

Vesper, Chair of the UK's Competition and Markets Authority (CMA), delivered a speech on the occasion of the CMA's 10-year anniversary, discussing the importance of an independent and impartial CMA in promoting competitive markets and protecting consumers. The speech highlighted the CMA's role in tackling anti-competitive behavior, particularly in the digital economy, and emphasized the need for bold action to ensure fair, open, and effective competition.

The speech touched on the CMA's three main ambitions:

1. To ensure people can be confident they are getting great choices and fair deals in essential markets.
2. To foster competitive, fair-dealing businesses to innovate and thrive in digital markets.
3. To help the whole UK economy grow productively and sustainably, prioritizing markets of strategic significance and ensuring sustainability.

Vesper warned about the risks of market power concentration in the digital economy, particularly with the emergence of AI, and emphasized the need for the CMA to take proactive measures to mitigate these risks. The speech outlined the CMA's principles for AI development and deployment, as well as its plans to apply its full range of legal powers effectively to promote competition.

The CMA's new strategy, set in 2023, aims to help people, businesses, and the UK economy by promoting competitive markets and tackling unfair behavior. The strategy has three ambitions, and the CMA is committed to delivering tangible outcomes over the medium and long-term.

Overall, the speech emphasized the CMA's commitment to protecting competition and promoting a level playing field in the UK's economy, and highlighted the importance of bold action to address the challenges and opportunities arising from technological innovation.