Competition and Markets Authority

Baroness Kramer Excerpts

Thursday 25th June 2020 Lords Chamber

[Lord Callanan]

I agree that we need a robust competition regime in the UK. That is what we have; the CMA has already announced reviews into many of the practices that the noble Lord highlighted, taking action against profiteering from some pharmaceutical companies, for example. We will not hesitate to take further measures if required.

[Baroness Kramer (LD) [V]]

My Lords, on the Parliamentary Commission on Banking Standards I saw the determination of the noble Lord, Lord Tyrie, to protect ordinary people and businesses from abuses of power in the financial sector. Frankly, if he says that more powers are needed, then more powers are needed. We currently face the dominance of big tech, rip-offs related to Covid, and deregulation following Brexit. Will the Government, instead of being so complacent, urgently implement his proposed reforms to make sure that the consumer, at the very least, has a powerful champion with powerful teeth? If not, we will have a very angry and abused public.

[Lord Callanan]

We are taking action on these matters. We asked the CMA to lead two critical pieces of work: to report on the state of competition, and to set up the digital markets taskforce. The CMA remains one of the world-leading competition authorities. If necessary, we will build on that.