The Competition and Markets Authority (CMA) has released a draft Annual Plan titled 'Promoting competition and protecting consumers to drive growth, opportunity, and prosperity for the UK.' This plan outlines the CMA's priorities for the next three years and specific areas of focus for the upcoming year, emphasizing the importance of effective competition and empowered consumers in fostering economic growth.

With a renewed emphasis on economic growth from the government, the CMA aims to leverage competition to create positive outcomes for consumers and businesses alike. The draft plan highlights the CMA's role in ensuring a competitive market environment that encourages innovation, investment, and productivity, which are essential for sustained economic growth.

Key initiatives in the CMA's plan for the coming year include enhancing consumer choice in essential spending areas, protecting consumers from misleading online sales practices, and fostering a level playing field for innovative businesses. The CMA will also focus on implementing a new digital markets regime to promote effective competition in digital services, as well as collaborating with the government to support priority sectors in the UK’s industrial strategy.

Additionally, the CMA is committed to improving public procurement practices and utilizing AI tools to detect illegal bid rigging. The authority plans to enhance its engagement with stakeholders and develop a new Growth and Investment Council to identify opportunities for competition that can unlock growth and investment across various sectors.

Sarah Cardell, CEO of the CMA, emphasized the importance of genuine consumer choice and effective competition in achieving long-term economic prosperity. The CMA's draft plan is open for consultation until January 31, with feedback sessions scheduled across the UK, leading to a final version to be published by the end of March 2025.