The Labour Growth Group of over 100 MPs has urged the Competition and Markets Authority (CMA) to conduct a swift review of its ongoing projects with a pro-growth perspective. They highlighted that the UK's economic stagnation could be significantly alleviated, citing £143.3 billion in potential growth if it matched OECD averages. The group emphasized the need to balance consumer protection with fostering competition and attracting investment, criticizing the CMA for stifling investor confidence with overreaching regulations. They believe a shift in approach could catalyze economic renewal and improve living standards across the UK.
The Labour Growth Group of MPs urges the CMA to review regulations with a pro-growth lens to support economic growth and investor confidence.
If the UK economy had grown at the average rate of OECD economies, it would now be £143.3 billion larger, highlighting stagnation's impact.
Competitive markets drive growth by lowering prices and spurring innovation, but the CMA's overreach may be stifling investment instead of promoting it.
Regulation must enable competition, attract investment, and drive prosperity while maintaining consumer protection as a fundamental priority.
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