The Competition and Markets Authority (CMA) has saved UK consumers an estimated £8bn over the last three years, according to a new report by the competition watchdog.

For every £1 spent in the 2022/23 financial year, the CMA said it had generated £26 in financial benefits for UK consumers, a figure up from £22.50 and significantly higher than the £10 target set by the Government.

Having published its annual report and accounts for 2022/23, the CMA progressed work in response to major issues faced by UK consumers – including the rising cost of living – which included road fuel and homebuilding market studies as well as launching a project to consider supermarket food pricing.

The report outlined the key activities undertaken by the CMA from April 2022 to the end of March 2023, which included its work to consider approximately 700 mergers, investigating 43 at an initial phase one stage, 13 at a more in-depth phase two stage and blocking three due to competition concerns. The remaining phase two mergers were either cleared after the CMA accepted remedies to address its competition concerns or the deals were abandoned by the businesses.

At the end of the reported year, in March 2023, the CMA also launched a new medium-term strategy which aims to support people, businesses, and the UK economy by promoting competitive markets and tackling unfair behaviour.

“Action taken by the CMA is having a real impact for people, businesses, and the UK economy with more than £2bn being saved over this past year,” chief executive of the CMA, Sarah Cardell, commented.

“But we’re not complacent – the CMA and its staff are continuing to prioritise work in areas that matter the most, from focusing on promoting economic growth by ensuring competitive markets in a range of sectors including the fuel, food and homebuilding sectors to protecting people from unfair behaviour online and offline.”

Chair of the CMA, Marcus Bokkerink, added: “The CMA’s purpose is to help people, businesses, and the UK economy by promoting competitive markets and tackling unfair behaviour. We want to ensure that people have great choices and get fair deals, businesses are able to innovate and grow without being held back by dominant incumbents or anti-competitive practices, and the economy can grow productively and sustainably.

“At a time when people and businesses are facing multiple pressures, we remain completely focused on delivering tangible, positive outcomes for them.”

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