The Year the UK's Competition Watchdog Became Everyone's Best Friend

It seems 2025 was the year the UK's Competition and Markets Authority (CMA) decided to channel their inner "yes person." In what can only be described as a complete personality makeover, the notoriously stern competition watchdog didn't block a single merger deal all year long. You read that right - zero, zilch, nada! It's the first time since 2017 that they've been this agreeable, giving every single transaction that knocked on their door a cheerful thumbs up.

So what sparked this sudden burst of regulatory sunshine? Well, it all started with a bit of musical chairs at the top. In January 2025, the UK government decided that CMA chair Marcus Bokkerink needed a career change, citing concerns that his team's tough-love approach was putting a serious damper on Labour's party plans for economic growth. Enter Doug Gurr, former Amazon UK boss, who stepped in as interim chair and apparently brought along a much more "can-do" attitude that he's maintained ever since.

The transformation is honestly quite remarkable when you look at the numbers. The CMA reviewed and waved through all 36 mergers that landed on their desks in 2025, according to some very thorough number-crunching by US law firm Simpson Thacher & Bartlett. Compare that to their previous track record - they'd blocked one deal in 2024 and historically put the kibosh on up to four deals per year. Talk about a change of heart!

Even their famous "conditions and modifications" routine got scaled back dramatically. They only insisted on tweaks for six deals in 2025, down from seven in 2024 (when they looked at 33 mergers) and a whopping twelve back in 2023 (out of 36 reviews). It's like they traded in their red pen for a green one.

The most entertaining example of this new "let's make a deal" mentality came just weeks after Bokkerink's departure in February. The CMA pulled off what can only be described as a spectacular U-turn, suddenly deciding that American Express Global Business Travel's hefty $570 million takeover of rival CWT was actually perfectly fine - despite having previously given it the cold shoulder. Nothing like a change in management to change your perspective!

Antonio Bavasso from Simpson Thacher didn't hold back in his assessment, noting that "The UK government's shift towards a pro-growth agenda had an immediate and unmistakable influence on the CMA's merger control work in 2025." He seemed almost amused by how predictable the transformation was, calling it a clear "correction" that played out exactly as expected.

The CMA, bless them, is sticking to their professional guns, insisting that their decisions are still based on solid analysis of whether deals actually pose competition risks. They maintain they'll still put their foot down when necessary, but clearly their definition of "necessary" has become rather... flexible.

But wait, there's more! The government isn't done redecorating yet. They're planning another makeover for 2026, swapping out the current system of independent expert panels for a more streamlined committee approach using CMA board members. A consultation is coming soon, because apparently, everyone loves a good organizational restructuring.

This British bout of regulatory friendliness is actually part of a global trend toward more business-friendly antitrust enforcement. It’s like a worldwide outbreak of merger mania! The US has caught the same bug under the Trump administration, with antitrust enforcement slowing to a leisurely 14 decisions in 2025, down from the previous breakneck pace of over 20 annually. Meanwhile, merger settlements are up for the first time since 2021.

Who knew that competition authorities could be such team players when properly motivated?

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