The Competition and Markets Authority has welcomed government plans to rejig its strategy to provide faster decisions and prioritise industries which disproportionately affect the economy.
As part of a “strategic steer,” the Competition and Markets Authority has been asked to focus more on how it can “minimise the burdens on businesses” when undergoing an investigation.
A spokesperson for the CMA said: “We welcome the government's strategic steer and, as set out in our annual plan, will continue to promote competitive markets and tackle unfair behaviour, prioritising people, businesses and the UK economy in everything the CMA does."
It is also required to home in on “markets and sectors that have a disproportionate impact on economic growth”.
“At a time when business competition, innovation and the cost of living are high on people’s list of concerns, the need for a robust and effective competition regulator is crucial for the economy,” a government statement said.
The CMA will have to prioritise cases which address the cost-of-living crisis and deal with issues surrounding the growth of the digital economy.
It has been told to be “a strong independent voice” and act as a leader both at home and abroad.
In April, the CMA came under criticism after it decided to block Microsoft’s acquisition of Activision Blizzard.
Half a year later, the authority changed its mind and approved the deal, following Microsoft altering the structure of the purchase.
The investigation took 21 months.