The much awaited Penrose report makes sweeping recommendations to strengthen UK competition and consumer protection.
This takes place against the backdrop of challenges presented by Brexit, COVID-19 and digitisation.
Among the key recommendations are that the CMA should become a "micro-economic sibling" for the Bank of England’s public macro-economic role. This role would see the CMA publishing an annual 'State of Competition and Consumer Detriment' report.
The Report urges that penalties for non-compliance with investigations should be strengthened and the CMA should be allowed to accept legally-binding undertakings at any stage in a market study, market investigation, or Phase 1 or 2 merger review.
It remains to be seen which measures will be implemented. Some depend on further research and reports to be undertaken and could create even more uncertainty at a time when business seeks clarity.
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