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British competition law calls for reform after Brexit | business




According to Tory MP, the government should initiate a sweeping reform of competition laws after Brexit to increase consumer confidence, lower corporate costs and revitalize the UK economy.

John Penrose, the eminent Backbench House of Representatives mandated by the government last year to explore post-Brexit opportunities for UK competition policy, has ministers enacted a new parliamentary law that updates UK consumer institutions to reflect the rise of the digital economy. Said it should start.

He called for a change to the report released on Tuesday, saying the Competitive Market Authority (CMA) regulator needs more power to impose stronger penalties for companies that do not fully cooperate with the investigation. Watchers need to find a way for their customers to easily compare the prices of free online services.

Many digital companies like Google and Facebook do not charge customers for many services, but instead collect customer data to provide insights into what ads can target consumers.

CMAs should consider how to improve the transparency of the prices consumers pay through data on digital goods and services. That way, you can make an informed choice as to whether each product represents good value and whether to switch to something else. Even better, the report said.

The results of the Penrose Review came as ministers attempted to argue that leaving the EU would provide businesses and consumers with new opportunities to revitalize the economy and raise living standards.

The government has so far faced complaints from business leaders about Brexit processing amid numerous new paperwork and delays for exporters. Boris Johnson has said this is a tooth problem that will disappear, but company bosses warn that the extra cost of doing business after Brexit is a unique feature of EU withdrawal that will hamper the UK economy.

In a 69-page report prepared by Penrose, Tory MP said the opportunity for the UK to cut bureaucratic tape costs after Brexit should be enormous. As part of the review, he said, if ministers wish to initiate a new rule, they should reintroduce the one-on-one rule used by the David Camerons coalition government, which forces ministers to scrap the old rule.

He said the government promised to cut the cost of doing business in the UK by 9 billion by cutting bureaucracy in 2018, but the removal of the one-on-one gateway condition increased costs by an additional 8 billion. Red tape stands for rules governing business practices, including health and safety standards, consumer protection and environmental protection measures.

Business secretary Kwasi Kwarteng said the government would consider the results of the review. UK competition laws and institutions are highly regarded worldwide. But as we better recover from the epidemic and begin our lives as an independent trading nation, we have a golden opportunity to strengthen that reputation, he said.

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