CMA and Bank of England ink new partnership to drive collaboration

by | Dec 19, 2023

(Sharecast News) – The Competition and Markets Authority (CMA) and the Bank of England announced a new agreement on Tuesday that will see the two entities collaborate and share information to assist in their independent objectives.
The memorandum of understanding (MoU) is in response to scenarios where the two organisations’ respective statutory functions interact and where issues of mutual interest may arise from time to time, a joint statement said.

“The timely and focused sharing of relevant information between the parties, as facilitated by this MoU, will enhance their ability to exercise their respective functions, within the spirit of broader collaboration and to the extent permitted by law.”

This may include the sharing of information on workstreams, investigations and specific issues of concern, as well as policy proposals or developments that are relevant to the other party.

The two parties will work together to “deliver better outcomes for the UK economy, businesses and consumers”, according to the CMA.

It is proposed that the CMA and BoE will meet and communicate regularly and consult each other on new issues or policies, as well as jointly work on projects of mutual interest.

The agreement, signed by BoE governor Andrew Bailey and the head of the CMA Sarah Cardell, states that there are no legally binding obligations from the MoU, but both parties will be “committed to pursuing the aims and purposes of this MoU in good faith and intend to act in accordance with its terms on a voluntary basis”.

Related articles

Aldi and Lidl win UK Christmas battle

Aldi and Lidl win UK Christmas battle

(Sharecast News) - German discounters Aldi and Lidl performed best in December, according to data from retail expert Kantar, which said a record £13.7bn was spent at British supermarkets over the four weeks ended 24 December. Kantar recorded Lidl's sales growth at...

UK house prices fall 1.8% YoY in December – Nationwide

UK house prices fall 1.8% YoY in December – Nationwide

(Sharecast News) - UK house prices fell by a higher-than-expected 1.8% year on year in December, mortgage lender Nationwide said on Friday, as higher borrowing costs and deposit requirements deterred buyers. Expectations were for a 1.4% fall. Prices remained flat on a...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!

x