Days after the UK Competition and Markets Authority blocked the purchase of Activision Blizzard, Rishi Sunak, the nation's prime minister, announced changes to the regulatory system to lower the barriers for companies that want to do business in the region.
Through a press release, the politician said that one of his goals is to grow the economy and generate jobs. For this reason, he is looking for regulators such as the CMA to cooperate, prioritize these factors and promote a culture of competitiveness. This is significant, as the message comes shortly after the blockade of Microsoft.
United Kingdom wants less stringent regulatory processes
From Sunak's perspective, the UK has been "over-regulated" for the past few decades. He believes the time has come to change this with the freedom granted to them by Brexit, so his goal is to rid the region of "hundreds of rules that cost businesses time and money" and "burden" the economy.
Through reform, he wants to incentivize "innovation, investment and growth," so they plan to give the CMA a strategic direction. Sunak wants regulators to take action only when clearly necessary.
"The reforms we announced this week represent a major shift in focus and send a clear signal to regulators that our number one priority is to grow the economy," the prime minister said.
Now, will this in any way help Microsoft to complete the purchase of Activision Blizzard? The reality is that it is unclear for now. The tech giant criticized the UK for blocking the purchase, but the prime minister refuted its arguments.
Currently, Microsoft and Activision Blizzard are preparing to appeal the CMA's decision. In addition, the European Commission is expected to give its verdict sometime next week, according to reports.
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