Delivering predictable regulation in an unpredictable world

Good morning, everyone, and thank you to the International Chambers of Commerce (ICC) and Clifford Chance for hosting us today. It’s always promising to be invited back – it suggests I didn’t slip up completely last time. Unless, of course, I did, and you’re hoping I’ll do so again.

Last year, I spoke about the importance of competition and consumer regimes in driving growth and household prosperity, particularly against the backdrop of economic sluggishness, cost of living pressures, and geopolitical uncertainty. Nearly 12 months later, the need to drive growth everywhere in the UK is no less acute, and the geopolitical backdrop no less uncertain, as the theme of this conference suggests.

Conflict in the Middle East is placing further pressure on national and household budgets; the technological, social and investment landscape is being continuously rewritten by advances in AI; and you may have noticed we have a new prime minister.

In this uncertain environment, growth and investment matter more than ever. And I am more convinced than ever of the unique role the Competition and Markets Authority can play in supporting that goal.

There has been one other key change since I was last at the ICC: I have had the honour of being appointed permanent Chair of the CMA.

Anyone who has acted in an interim role knows that you tend to prioritise the short-term goals; you ask yourself, what can we do to achieve the maximum immediate impact? When you are made permanent, your mind naturally shifts to longer-term horizons; what legacy are we shaping, and what will get us there?

To that end, I’ve been doing a lot of listening to businesses and consumers, and I’ve reflected on what you say you need and want from an effective regulator.

With that in mind, and as I stand towards the beginning of my five-year term, I am happy to reaffirm 3 commitments to you today about how we’ll continue to approach our regulation. We pledge to: