CMA and Bank of England ink new partnership to drive collaboration
By Benjamin Chiou
Date: Tuesday 19 Dec 2023
(Sharecast News) - The Competition and Markets Authority (CMA) and the Bank of England announced a new agreement on Tuesday that will see the two entities collaborate and share information to assist in their independent objectives.
The memorandum of understanding (MoU) is in response to scenarios where the two organisations' respective statutory functions interact and where issues of mutual interest may arise from time to time, a joint statement said.
"The timely and focused sharing of relevant information between the parties, as facilitated by this MoU, will enhance their ability to exercise their respective functions, within the spirit of broader collaboration and to the extent permitted by law."
This may include the sharing of information on workstreams, investigations and specific issues of concern, as well as policy proposals or developments that are relevant to the other party.
The two parties will work together to "deliver better outcomes for the UK economy, businesses and consumers", according to the CMA.
It is proposed that the CMA and BoE will meet and communicate regularly and consult each other on new issues or policies, as well as jointly work on projects of mutual interest.
The agreement, signed by BoE governor Andrew Bailey and the head of the CMA Sarah Cardell, states that there are no legally binding obligations from the MoU, but both parties will be "committed to pursuing the aims and purposes of this MoU in good faith and intend to act in accordance with its terms on a voluntary basis".
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