Should markets be regulated in Brussels or London? Brexit and competition policy

May 26, 2016

(by Bruce Lyons) Much of the UK referendum debate jumps in on headline details about specific ‘regulatory burdens’ without thinking carefully about how to compare membership of the EU against life outside the single market.  In this post, I set out a framework for thinking about the economic advantages and disadvantages of having regulation harmonised across the EU (and possibly implemented centrally in Brussels), as compared with an independent UK-specific regulation (for implementation in London or the devolved nations).[1]  Read the rest of this entry »

Mergers and the Public Interest: the hardest nut to crack for CMA’s new Chief Executive?

May 24, 2016

(by David Reader) After two years at its helm, the Chief Executive of the UK’s Competition & Markets Authority (CMA), Alex Chisholm, is stepping down to become the new Permanent Secretary at the Department for Energy and Climate Change (DECC). His departure marks the end of an era for the competition watchdog which, despite only becoming fully operational in April 2014, has reached a number of key milestones during his tenure. In a recent speech reflecting on the CMA’s achievements over the last two years, Chisholm made reference to notable progress on enforcement activity, efficient merger control and, of course, some very high-profile market inquiries.[1] His verdict, then, is that there is cause for optimism as the authority embarks on a new chapter. But the outgoing CEO is also mindful of ‘the 3 big challenges’ that lay ahead for his successor.  Perhaps the most striking of these ‘harder nuts to crack’, as Chisholm puts it, is the CMA’s ability to deal with ‘challenges to the primacy of competition analysis when sensitive mergers give rise to calls for public interest interventions’.[2] Read the rest of this entry »