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• CMA saved people at least 拢2 billion a year on average over the last three years
• Over the three-year period to end of March 2023 the estimated direct financial benefit to consumers was 拢8 billion

The Competition and Markets Authority (CMA) has today published its Annual Report and Accounts for 2022/23, which shows that its actions have had a positive impact on the UK. For every 拢1 spent, the CMA generated 拢26 in financial benefits for UK consumers - up from 拢22.50 last year and significantly above the 拢10 target set by the UK Government - and saved consumers an estimated 拢8 billion over the last 3 years.

During 2022/23, the CMA progressed work in response to major issues faced by UK consumers 鈥� such as the rising cost of living 鈥� which included road fuel and homebuilding market studies as well as launching a project to consider supermarket food pricing.

At the end of the reported year, in March 2023, the CMA also launched its new medium-term strategy which aims to support people, businesses, and the UK economy by promoting competitive markets and tackling unfair behaviour. It has already started shaping which issues the CMA will examine to ensure that it is achieving real impact for the people we serve, particularly for people who need help the most.

The Annual Report outlines the key activities undertaken by the CMA from April 2022 to the end of March 2023, which included:

• Launching its new strategy and priorities for promoting competitive markets and tackling unfair behaviour
• Considering around 700 mergers, investigating 43 at an initial Phase 1 stage, 13 at a more in-depth Phase 2 stage and blocking just 3 due to competition concerns. The remaining Phase 2 mergers were either cleared after the CMA accepted remedies to address its competition concerns or the deals were abandoned by the businesses
• Protecting businesses and UK taxpayers by fining 10 construction firms 拢60million for illegally colluding to rig bids for public and private sector projects
• Conducting a market study into the road fuel sector, providing advice to the UK Government with recommendations on steps to improve outcomes and contain cost of living pressures for people across the UK
• Opening an investigation into fashion brands owned by ASOS, Boohoo and ASDA, to scrutinise their green claims and whether they could be misleading customers
• Publishing a second State of Competition report to assess how well competition is working in the UK and the impact on people and businesses
• Launching the Subsidy Advice Unit and further establishing the Office for the Internal Market, which is now supporting the successful functioning of the internal market and advising public authorities on their assessments of subsidies

Sarah Cardell, Chief Executive of the CMA, said:

Action taken by the CMA is having a real impact for people, businesses, and the UK economy with more than 拢2 billion being saved over this past year.

But we鈥檙e not complacent 鈥� the CMA and its staff are continuing to prioritise work in areas that matter the most, from focusing on promoting economic growth by ensuring competitive markets in a range of sectors including the fuel, food and homebuilding sectors to protecting people from unfair behaviour online and offline.

Marcus Bokkerink, Chair of the CMA, said:

The聽CMA鈥檚 purpose is to聽help people,聽businesses,聽and the UK economy by promoting competitive markets and tackling unfair behaviour.聽We want to ensure聽that聽people聽have聽great聽choices聽and聽get聽fair deals,聽businesses聽are聽able to聽innovate and grow without being held back by dominant incumbents or anti-competitive聽practices,聽and the economy聽can grow聽productively and sustainably.

At a time聽when聽people and businesses聽are聽facing multiple聽pressures,聽we聽remain completely focused on delivering tangible, positive outcomes for them.

Note to Editors:

1. The CMA鈥檚 annual report 2022 to 2023 is online and publicly available
2. All media enquiries should be directed to the CMA press office by email on [email protected], or by phone on 020 3738 6460