Former politician Tyrie to chair UK competitors watchdog

LONDON (Reuters) – Andrew Tyrie, a former Conservative Party politician, was on Wednesday named as the brand new chairman of Britain’s competitors watchdog because the government additionally set out plans to modernise the regulator’s strategy.

Tyrie was previously chairman of parliament’s influential Treasury Committee, the place he gained a popularity for asking powerful questions. He led investigations into the banking trade after the monetary disaster, the work of the Bank of England and the finance ministry.

“In the years ahead, competition can and should be put even closer to the centre of British economic life, reaching to every sector, rooting out monopoly and unfair trading practices, and enhancing Britain’s global competitiveness into the bargain,” Tyrie mentioned in an announcement.

His nomination to the Competition and Markets Authority was introduced as business secretary Greg Clark proposed a package deal of reforms for the regulator, together with efforts to make sure new know-how and knowledge are used to profit customers and stronger motion towards scams.

“Today’s proposals are an important step… to ensure that the British business environment is shaped by competition that benefits consumers in terms of keen prices, quality products and services and cutting-edge innovation,” Clark mentioned.

The CMA has confronted criticism for not being powerful sufficient on the industries it has investigated, particularly with reference to suggestions it made following inquiries into the vitality and banking sectors.

Tyrie himself has criticised the watchdog. In 2015, he mentioned the cures proposed by the CMA after an 18-month probe into competitors within the banking sector had been disappointing and fell in need of what was wanted.

Tyrie spent 20 years as a member of parliament representing the constituency of Chichester in south east England, and chaired the Treasury Select Committee from 2010 to 2017, when he stepped down as a lawmaker.

His appointment as chairman of the CMA was first reported by broadcaster Sky News earlier on Wednesday.

Reporting by Emma Rumney and David Milliken; modifying by Kate Holton and Jane Merriman

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