Britain's antitrust regulator said on Thursday it would focus on "truly problematic mergers" and rethink its approach to agreeing remedies that could allow more deals to go ahead to support the government's growth mission.
The Competition and Markets Authority (CMA) was singled out by Prime Minister Keir Starmer last month when he promised to scrap regulation that was holding back economic growth.
Speaking to investors, he said: "We will make sure that every regulator in this country - especially our economic and competition regulators - takes growth as seriously as this room does."
CMA Chief Executive Sarah Cardell said the regulator must "evolve" while staying true to its mandate to promote competition for the benefit of consumers.
"We must deliver a regime that leaves no one in any doubt that the UK is open to business," she said at the Chatham House Competition Policy 2024 Conference.
She said the goal was simple: every deal that was capable of being cleared either unconditionally or with effective remedies should be.
"Only a truly problematic merger, where the harm to businesses and consumers cannot be effectively addressed through remedies, should not proceed," she said.
The CMA has played a bigger role in merger control since Britain left the European Union.
It blocked Microsoft's $69 billion acquisition of Activision Blizzard in 2023 before it reversed its decision after the companies offered concessions.
After facing criticism over the case, the CMA announced an overhaul of its merger assessment.
Cardell said it had made a strong start but it could go further in delivering a "swift yet rigorous regime".
She highlighted the deal between mobile companies Vodafone and Three, which the CMA said this month could be "pro-competitive" if commitments on investment and customer protections were agreed.
The regulator had historically resisted those types of "behavioural remedies", which need to be policed, preferring structural remedies such as divestments.
Cardell said the CMA would review its approach to remedies, looking at how behavioural commitments could preserve benefits for consumers and offset anti-competitive effects.
Mark Kelly, CEO of M&A-focused MKP Advisors, said the CMA had already started to act in line with Cardell's speech.
"For example in the case of the Vodafone-Three merger, the CMA has indicated they are leaning towards accepting behavioural remedies, showing they are acting with a greater degree of flexibility than they have before," he said.
