The Competition and Markets Authority (CMA) has emphasized its commitment to protecting consumers, promoting competition, and driving economic growth in its recently released Annual Report and Accounts for 2023/24. The CMA's actions focus on providing consumers with better choices, ensuring fair competition for businesses, and fostering innovation and productivity.

The report highlights the CMA's transparency and engagement with stakeholders, including businesses, consumer groups, and Parliamentarians. The CMA's impact assessment indicates that it has delivered significant financial benefits to UK consumers, surpassing government targets. Competition law advisors should take note of the CMA's dedication to fostering competitive markets and safeguarding consumers, particularly with its expanded responsibilities under the Digital Markets, Competition and Consumers Act 2024.

The CMA has actively protected consumers and promoted growth by supporting competitive businesses in essential sectors like road fuel, groceries, and infrastructure markets. Their efforts have resulted in over £20bn in direct financial benefits for UK consumers over the past decade. The CMA aims to continue ensuring fair deals for consumers and a level playing field for innovative businesses, especially with its new legal powers under the Digital Markets, Competition and Consumers Act.

The CMA's investigations in sectors such as veterinary services, infant formula, and grocery pricing underscore its commitment to ensuring fair competition and consumer choice. Advisors in competition law should stay updated on these investigations as they can impact businesses' pricing strategies and market entry.

Competition law advisors should pay attention to the CMA's proactive stance on AI foundation models and merger control. The CMA's focus on guiding the development and use of AI models for positive outcomes highlights the importance of fair competition in this rapidly evolving sector. Additionally, the CMA's actions in merger control, including clearances with remedies to preserve market competition, emphasize the need for businesses to consider competition implications in mergers.

The CMA's interventions in sectors like housebuilding and telecommunications demonstrate its dedication to fostering a competitive environment that benefits consumers and the economy. The CMA's Microeconomics Unit's report on labour markets stresses their significance for productivity and growth, with ongoing investigations into potential anti-competitive practices in UK labour markets. Competition law advisors should stay informed about the CMA's activities in labour markets and be prepared for potential regulatory actions in this sector.