British Business Minister Jonathan Reynolds is set to address the country's competition watchdog, urging it to become "more agile" and "less risk averse" to align with the government's pro-growth strategy. He is expected to introduce a new "strategic steer" for the Competition and Markets Authority (CMA) during his upcoming speech in London.
The steer will instruct the CMA to concentrate on fostering a dynamic, competitive business environment in the UK through lighter regulations and quicker decision-making processes. This move comes in response to the government's efforts to boost a sluggish economy, following the recent replacement of a former official who did not prioritize the growth agenda.
The government is mindful of potential risks associated with supporting growth, as highlighted by the country's financial regulator.