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Penrose review of competition policy

The UK Government commissioned John Penrose MP to undertake an independent review of UK competition policy last September. Penrose was specifically tasked with looking at potential reforms to the UK’s competition regime in the context of Covid-19 and, with the end of the Brexit transition period, the emergence of the UK as an independent trading nation. 

Published on 16 February 2021, his ‘Power to the People’ report sets out wide-ranging proposals to boost competition to benefit business and consumers across the UK. A new Competition Act to update and modernise the UK’s competition institutions for the digital age is among his key proposals. But Penrose also considers that some changes could be made more quickly, through Government policy directions to the CMA and sector regulators, changes to regulators’ internal processes and governance and by altering the Memoranda of Understanding between them.

Our alert summarises the report’s “recipe-book” of recommendations.