By Muvija M and Paul Sandle LONDON, Jan 19 (Reuters) - Britain aims to refine its competition regime, pledging to make it "faster, more predictable and more proportionate", launching a formal
UK Government to Revamp Antitrust Laws to Boost Economic Growth
UK's Antitrust Regime Overhaul
By Muvija M and Paul Sandle
Consultation and Proposed Changes
LONDON, Jan 19 (Reuters) - Britain aims to refine its competition regime, pledging to make it "faster, more predictable and more proportionate", launching a formal consultation in what could be a major overhaul of one of the world's toughest regulatory frameworks.
Investment in Kraken Technologies
The government said it planned to speed up and simplify anti-trust probes, "working closely with the CMA (competition regulator) while preserving its independence".
Support for UK Innovators
The consultation proposes changes in the ways the CMA makes decisions in mergers and markets investigations, to ensure market remedies are regularly reviewed, and to provide greater certainty for businesses on whether deals will face merger control, it added.
"These proposals, which will be taken forward in close collaboration with the CMA, will not alter the independence of CMA decision-making from Ministers," it added.
The CMA said on Monday that it would review its historical interventions to check if they were still necessary to ease the burden of compliance, identifying 33 market remedies - 60% of all those in place - that may no longer be needed.
The government also said the state-owned development bank will invest 25 million pounds ($34 million) in Kraken Technologies in its largest direct funding, backing the AI energy software firm ahead of a potential London listing.
The investment in Kraken - valued at $8.45 billion after its spin-off from UK-based Octopus Energy last year - follows reforms to the British Business Bank's mandate allowing it to take bigger, higher-risk stakes in key scale-ups, the government said.
"For too long, Britain's most promising companies have had to look abroad for the backing they need to grow," business minister Peter Kyle said.
"We are placing big bets on the industries where Britain can win, backing our innovators with real firepower, and cutting the red tape that holds them back."
The BBB, owned by the government's business department but operationally independent, will separately invest 50 million pounds each in venture capital firms Epidarex Capital and IQ Capital, the statement said.
Kraken, which supplies energy software to utilities and energy groups - including EDF, National Grid U.S. and Tokyo Gas -, has 70 million global customers and "may list in London" following its demerger, the government added.
($1 = 0.7448 pounds)
(Reporting by Muvija M and Paul SandleEditing by Mark Potter and David Gregorio)
