CMA unveils ambitious plan for 2024-2025 to bolster people, businesses, and economy

Building on its multi-year strategy introduced in the previous cycle, the CMA remains steadfast in its commitment to driving positive outcomes for individuals, businesses, and the UK economy while adapting to the demands of the 21st century.

Following extensive engagement with over 70 diverse businesses and organisations across the UK, the CMA's Annual Plan reflects a comprehensive approach to its mandate, incorporating new responsibilities under the forthcoming Digital Markets, Competition and Consumers (DMCC) Bill, set to receive Royal Assent in April 2024. This legislation will equip the CMA with enhanced tools to promote competition, innovation, and growth in digital markets while safeguarding consumers from harm.

Key areas of focus outlined in the plan for 2024 to 2025 include:

1. Essential Spending and Financial Pressure: Targeting areas such as accommodation, caregiving, and travel where individuals face heightened financial strain.
2. Consumer Protection in Digital Spaces: Expanding efforts to combat harmful practices in online choice architecture and misleading pricing.
3. Access to Digital Markets: Facilitating the entry of innovative businesses into digital realms such as cloud services, e-commerce, and digital advertising.
4. Emergent Markets and AI: Promoting effective competition and consumer protection in burgeoning sectors, with a focus on the development and deployment of AI foundation models.
5. Sustainability and Green Initiatives: Identifying opportunities to foster competitive markets for sustainable products and services, including initiatives to address greenwashing and encourage climate technology.
6. Pro-Competitive Market Development: Identifying areas where the CMA can influence market dynamics to enhance innovation, growth, and productivity while fostering resilience through competition.

Marcus Bokkerink, Chair of the CMA, underscored the agency's unwavering commitment to delivering tangible benefits to stakeholders, emphasising the importance of engaging with a broad spectrum of voices to inform strategic decisions. Sarah Cardell, Chief Executive of the CMA, highlighted the agency's readiness to leverage new powers conferred by the DMCC Bill, signalling a proactive approach to injecting competition into digital markets and safeguarding consumer interests.

As the CMA prepares to mark a decade of operation, its 2024-2025 Annual Plan signals a forward-looking agenda geared towards addressing contemporary challenges, harnessing technological advancements, and fostering a competitive landscape conducive to prosperity and innovation for all stakeholders.