Will the CMA's new powers undermine investment?
This is the audio from a panel hosted by the Institute of Economic Affairs, which discussed the government’s Digital Markets and Competition Bill.
The discussion built on the IEA's recent publication, “Digital Overload”, written by the ICLE’s Dirk Auer and Lazar Radic and the IEA’s Matthew Lesh: https://iea.org.uk/publications/digital-overload-how-the-digital-markets-competition-and-consumers-bills-sweeping-new-powers-threaten-britains-economy/
The paper focuses on the extensive new powers given to the Competition and Markets Authority (CMA) to tackle alleged anticompetitive practices in digital markets by the DMCC Bill. These powers threaten to undermine investment in the UK digital sector and associated innovation because of cumbersome, unclear and ever-changing rules – along with a lack of accountability. Firms may seek to minimise the risk of falling afoul of the new regime and incurring hefty fines and stringent remedies, meaning the UK’s position as a ‘science and technology superpower’ will be undermined.
Panellists:
Matthew Lesh (Chair)
Stephen Hammond (MP for Wimbledon)
Matt Sinclair (Senior Director at the Computer & Communications Industry Association)
Verity Egerton-Doyle (Antitrust & Foreign Investment Counsel at Linklater)
Dirk Auer (Director of Competition Policy International Centre at Law and Economics)
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