What are we going to do?
The UK’s Internal Market Bill will create an Internal Market Office (IMO) within the Competition and Markets Authority (CMA) to carry out a set of independent advisory, oversight and reporting functions to support the development and efficient functioning of the UK internal market on an ongoing basis. the IMO analyze the health of the UK internal market and report to the UK Parliament and decentralized legislatures.
How are we going to do it?
the IMO support the proper functioning of the UK internal market, providing independent technical advice and reporting on issues likely to have it. It will remain in the CMA, analyzing the health of the UK internal market and reporting to the UK Parliament and all decentralized legislatures.
At the highest level, the IMO will be guided by and must take into account the simple objectives set out in the bill, to “ support, through the application of economic and technical expertise and taking into account the interests of consumers and other stakeholders, the efficient functioning of the internal market in the United Kingdom (with particular reference to the objectives of Parts 1, 2 and 3 of the bill) ”.
the IMO Will also perform its duties equally vis-à-vis all UK administrations and support a UK internal market which also functions for the benefit of all parts of the UK.
What is the Competition and Markets Authority?
The Competition and Markets Authority (CMA) is the UK competition authority and works to promote competition for the benefit of consumers both inside and outside the UK. It is a world leader in promoting competition and its goal is to make markets work well for consumers, businesses and the economy.
The establishment of the IMO in the CMA will mean the CMAThe considerable existing technical and economic expertise will be available to support the work of the IMO and the development of the UK domestic market.
the CMA maintains existing relationships with decentralized administrations, legislatures, regulators, businesses and the general public, which also makes them well suited for this role.
What are the advantages of the Internal Market Office?
The UK government and decentralized administrations will be able to rely on IMOunbiased expert reports on the economic impact of proposals and regulations on the functioning of the UK internal market across the UK.
The reporting and monitoring functions will ensure that the economic impacts of emerging trends, proposals and regulations on the functioning of the UK internal market are independently assessed and assessed with strong evidence, in order to facilitate both good policy making in the UK. United Kingdom and constructive intergovernmental collaboration. and agreement where applicable. In addition, the IMO will undertake information gathering to support its functions.
These reports will be published and tabled in all legislatures, ensuring parliamentary oversight, transparency and accountability.
What are the responsibilities and functions of the Internal Market Office?
This will cover:
- provision of non-binding economic and technical reports: at the request of an administration, the IMO provide non-binding and expert advice on the potential economic impact of the proposed regulations on the UK internal market
- proactive and reactive monitoring: the IMO undertake macro-level monitoring reports on the health, functioning and developments of the UK internal market (annually), sector and regional monitoring and reporting, and periodic monitoring of the UK’s commitment system ‘market access granted by the UKIM Bill (five-year). The provision of this monitoring by the IMO ensure that emerging trends and developments are identified and that the economic impact of regulations on the UK domestic market can be independently assessed.
In addition, and in accordance with CMAexisting powers, IMO will have the power to proactively collect information from businesses, consumers and public bodies to support its advisory, oversight and reporting functions. This will allow reporting and monitoring to be based on rigorous and accurate information and evidence.
the IMO will be able to make current and requested reports public, allowing companies and industry groups to read, review and respond to the findings and trends they contain. Companies can make valuable contributions during the consultation and evidence-gathering stages of report writing. However, the IMO will not be able to take over the business of companies related to possible unfair treatment.
It is proposed that the IMO will also have the duty, in the exercise of its functions, to take into account the interests of consumers. This objective will be achieved through its reports and monitoring, through which IMO assess the functioning of the UK internal market, including its impact on consumers.
the IMOThe company’s non-binding reports and advice will support the separate intergovernmental process between the four administrations to resolve any potential disagreements over the effects of regulation on the UK internal market and enable a dialogue based on solid evidence. The intergovernmental arrangements that underpin this commitment are subject to the results of the review of intergovernmental relations expected by the end of 2020.
the IMO operate in a way that meets the requirements of the UK government and all decentralized administrations on an equal footing. A time-limited consent mechanism will ensure that decentralized administrations have a say during the IMO committee appointment process. The UK government has pledged to hold annual ministerial meetings with devolved administrations to discuss Britain’s internal market system and consult them on exclusions and legitimate objectives.