On 16 February, John Penrose MP published his long-awaited report into the UK’s competition regime. Penrose was tasked by the UK Government with reviewing how the UK’s competition regime can:
- Play a central role in meeting the challenges of the post COVID-19 economy and in driving recovery. The Government’s Policy Paper stated that “the pandemic is the biggest threat the UK has faced in decades and overcoming it will require all the dynamism and creativity that exists across all sectors and in all regions and nations of the UK“;
- Contribute to the Government’s aim of levelling up across all nations and regions of the UK;
- Increase consumer trust, including by meeting the Conservative Party’s 2019 Manifesto commitment to tackle bad business practices, and ensure the competition regime is strong, swift, flexible and proportionate;
- Support UK disruptors taking risks on new ideas and challenging incumbents; and
- Make best use of data, technology and digital skills which are vital to the modern economy.