Rethinking competition policy for today

Sarah Cardell, Chief Executive of the Competition and Markets Authority (CMA), addressed The Economist's Antitrust Summit, expressing her delight at returning for a second year. In her remarks, delivered on 26 February 2026 at County Hall in London, Cardell highlighted the increasingly uncertain and fragmented economic landscape. She acknowledged that the traditional economic paradigm is no longer reliable, necessitating fresh approaches to policy and regulation as nations adopt various forms of economic statecraft.

Cardell underscored that while economic growth remains crucial, concerns about affordability, security, and national resilience have become paramount. She stated that competition agencies must recognize these shifts and adapt accordingly. "An opportunity to promote the value of competition whilst at the same time, bringing competition thinking – confidently and transparently – into the wider policy debate," she noted, emphasizing the importance of being a trusted advisor across various policy areas.

She clarified that the CMA's mandate to foster competition is firmly rooted in statutory independence. However, this does not prevent the agency from considering broader policy contexts. Cardell observed that operational independence should not entail an exclusive, ideological defence of competition, particularly given the current geopolitical climate. Instead, she advocated for a mindset change that integrates competition with national priorities, such as economic growth and household prosperity.

Cardell's speech outlined a new three-year strategy for the CMA, prioritising outcomes that benefit the UK while balancing effective enforcement with a regulatory environment that encourages business confidence. "Not competition for its own sake, but in service of national priorities," she explained, suggesting a focused approach on impactful actions rather than rigid adherence to orthodoxy.

She cited merger control as a focal point, indicating that the CMA would apply rigorous scrutiny to deals only when necessary. "Every deal which can be cleared, either unconditionally or with effective remedies, should be," she asserted, aiming to ensure that interventions enhance rather than hinder growth. The CMA's internal reforms, dubbed the 4Ps – pace, predictability, proportionality, and process – were also introduced as cornerstones of this strategy.

Cardell then transitioned to the role of the CMA as an enabler of competition within broader national policy goals. She elaborated on the agency's commitment to apply insights from microeconomics to areas like scaleups and public procurement, emphasizing the critical role of competition in driving suppliers' innovation and reducing dependency on single firms.

In discussing public procurement valued at £360 billion annually, she urged the government to adopt innovative approaches that promote market dynamism. The CMA will leverage its expertise to monitor bid-rigging risks, potentially saving taxpayers billions. Addressing regulatory implications, she mentioned that unnecessary restrictions need to be reviewed to better facilitate competition.

In conclusion, Cardell highlighted that the CMA remains dedicated to rigorous enforcement while also seeking to navigate the complexities of modern competition policy. She called on the agency to view current global challenges as opportunities for innovation and pragmatic solutions, reiterating the CMA's commitment to reimagining its role as an agency poised to drive progress and support the UK's economic future