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Updated December 19th, 2023 at 21:30 IST

CMA, Bank of England agree on collaborative work for first-time

Britain's Competition and Markets Authority says it has agreed on BoE's effortrs to aid economy.

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In a first-ever move, CMA and the Bank of England (BoE) have agreed upon a memorandum of understanding on how the two organisations will work together for driving better outcomes for the UK economy. Britain's antitrust regulator, the Competition and Markets Authority (CMA), said that it agreed upon a memorandum of understanding with the Bank of England to aid the economy, businesses and consumers.
The pair mentioned that they've established a framework for co-operation and collaboration to liaison on matters of common interest, and fulfil their functions of monetary policy and financial stability for the BoE, and promoting competition for the CMA.

"The CMA and the Bank of England have, for the first time, agreed a memorandum of understanding on how the two organisations will work together," the CMA said.
Co-operation may take place on policy proposals and developments, or areas of concern, as well as information which could be relevant to the functions of the other party.
Any sharing of information would be subject to legal restrictions, the memorandum said, adding that the pair may also agree to carry out other join projects.

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Published December 19th, 2023 at 21:30 IST

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