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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.

Further information

The government published terms of reference. Interested stakeholders can contact competitionreport@hmtreasury.gov.uk to engage with this piece of work.

Biography

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.

Education

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).

Personal life

John is married with 2 children. In his spare time he enjoys fishing and beekeeping.

Channel website: https://www.gov.uk/government/organisations/hm-treasury

Original article link: https://www.gov.uk/government/news/john-penrose-mp-to-lead-review-exploring-how-to-bolster-uk-competition-policy

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