John Penrose MP to lead review exploring how to bolster UK competition policy
John Penrose MP has been asked to examine UK competition policy.
- this work will aim to cement the UK’s position as a leader in this field
- it will consider ways our regime could evolve in the context of Covid-19 and the end of the transition period
John Penrose MP will lead a review considering how the UK’s competition regime can be enhanced in the context of Covid-19 and the end of the transition period.
His work will build on recent competition policy developments to look at how the UK’s competition regime can further evolve to meet the government’s policy aims of promoting a dynamic, innovation-driven economy which delivers for consumers and businesses across all regions and nations of the UK.
The Chancellor of the Exchequer said:
The UK’s competition policy is highly regarded around the world. Building on this reputation and our existing policy direction will be key as we recover from Covid-19.
John Penrose’s work will help ensure that we can drive innovation, produce better outcomes for consumers and allow new entrants to the market to grow.
Business Secretary Alok Sharma said:
Competition drives down prices, creates a wider choice for consumers and leads to better quality products and services.
This review will ensure the UK’s competition regime is in the strongest possible position as we build back better from the pandemic and start our fresh new start outside of the EU – delivering for businesses and consumers in every corner of the UK.
The UK is an international leader in this area, as the March 2019 Furman Review of competition in digital markets – whose strategic recommendations the government accepted at March Budget 2020 – demonstrated.
At Budget, the government launched the Digital Markets Taskforce, which will look at unlocking competition in digital markets.
John Penrose will gather expert opinion and produce a short, independent report on the UK’s competition policy later this year to inform Government policy making going forward.
He brings a unique perspective from his experience in business, understanding of everyday consumer issues from 15 years as a constituency MP, and long-running interest in the subject.
John Penrose was appointed the Prime Minister’s Anti-Corruption Champion in December 2017 and was reappointed in July 2019. He was previously a Minister of State in the Northern Ireland Office from November 2018 to July 2019. John was first elected as MP for Weston, Worle and the Villages in 2005.
John attended Ipswich School before studying law at Cambridge University. He also received an MBA at Columbia University, New York.
Career outside politics
Before entering Parliament, John had an extensive business career, which included roles at: J P Morgan (risk management on a bank trading floor) McKinsey (strategic management consultancy) Thompson (academic book publishing) Pearson PLC (Managing Director of Longman’s schoolbook publishing operations) John also helped found Credit Market Analysis (publishing credit data for financial firms).
John is married with 2 children. In his spare time he enjoys fishing and beekeeping.
Latest News from
House sales rise following introduction of stamp duty holiday supporting nearly 750,000 jobs22/09/2020 15:20:00
Residential property transactions rose 15.6% in August following introduction of stamp duty holiday.
Nearly a million workers used flexible furlough in July21/09/2020 11:10:00
950,000 workers got back to work part-time in July according to new figures.
G20 Finance and Health Ministers – statement on COVID-19 response: 17 September 202018/09/2020 15:20:00
G20 Finance and Health Ministers yesterday made a statement on the COVID-19 response after a virtual meeting.
Official figures show that the furlough scheme has worked: saving jobs and helping more than half of employees back to work already16/09/2020 10:05:00
More than half of those furloughed since May returned to work by mid-August according to data published by the Office for National Statistics.
New stop and search powers for convicted knife criminals14/09/2020 11:25:00
Serious Violence Reduction Orders (SVROs) are designed to ensure repeat offenders are more likely to be caught and put in prison.
Duty Free extended to the EU from January 202114/09/2020 09:25:00
British passengers travelling to EU countries will be able to take advantage of duty-free shopping from January 2021, bringing our approach to the EU in line with the rest of the world.
Ministers announce new grants for businesses affected by local lockdowns10/09/2020 15:20:00
Businesses in England that are required to shut because of local interventions will now be able to claim up to £1,500 per property every three weeks.
John Glen addresses Investment Association on Sustainability and Responsible Investment07/09/2020 15:20:00
The Economic Secretary to the Treasury spoke about the opportunity to extend the UK’s leadership in responsible investing and strengthen the UK’s position as a leading global financial centre.
UK diners eat 100 million meals to protect 2 million jobs07/09/2020 11:10:00
The Chancellor recently (04 September 2020) thanked Britons for helping protect thousands of jobs across the UK after statistics revealed that more than 100 million meals were eaten as part of the landmark Eat Out to Help Out scheme.