Transparency data

Growth and Investment Council meeting notes: 28 April 2026

Published 29 May 2026

Meeting date: 28 April 2026

Venue: In The Cabot, London, and online

CMA attendees

• Sarah Cardell (Chair), Chief Executive Officer
• Doug Gurr, Chair
• Jessica Lennard, Chief Strategy and External Affairs Officer
• Juliette Enser, Executive Director for Competition Enforcement and Markets
• Jenny Haydock, Interim Chief Economist
• Anthony Wright, Senior Director of Engagement and Communications
• Vlada Aikman, Director of Stakeholder Engagement
• Neena Bhati, Head of Stakeholder Engagement
• Trixxy Just, Strategy, Deputy Head of External Engagement
• item 2 – Catherine Colebrook, Alex Waddington
• item 4 – Will Hayter, Tania Van den Brande
• item 5 – Richard Romney, Ben Langford, Hannah Riches

External attendees

• Rain Newton-Smith (online), Chief Executive, Confederation of Business Industry
• Kate Shoesmith, Director of Policy and Insight, British Chambers of Commerce
• Dom Hallas, Executive Director, Startup Coalition
• Josh Robson, Head of Public Affairs and External Relations, ScaleUp Institute
• Graham Wynn, Assistant Director, British Retail Consortium
• Martin McTague, Chair, Federation of Small Businesses
• Tom Taylor, Head of Policy, Legal & Regulatory, UK Private Capital
• Bob Wigley (online), Chair, UK Finance
• Julian David, CEO, techUK
• Julia Hoggett (online), CEO, London Stock Exchange
• Carolyn Dawson (online), CEO, Founders Forum Group

Agenda

Agenda item 1: Welcome, introductions, and opening remarks by the Council Chair

The Chair welcomed Council members, outlined the agenda for the meeting and framed the discussion.

Agenda item 2: The CMA Microeconomics Unit

The Competition and Markets Authority (CMA) provided an overview of the work of its Microeconomics Unit (MU), including its remit, recent activity and forward programme. The CMA noted that the role of the MU has evolved since it was established and is now more closely aligned with supporting the government’s growth mission.

Discussion covered the use of data and evidence to inform policy, including tax reliefs and international comparisons. The Growth and Investment Council (The Council) discussed what should be included within tax relief analysis.

Council members reflected on how incentives affect investment decisions, scale and productivity, including the balance between capital allowances, R&D tax credits and other policy tools.

The Council discussed exits, scale and long-term growth, including the importance of clarity in how success is framed and the role of globally consequential firms, with members noting that an over-emphasis on early exit risks positioning the UK as an ‘incubator economy’.

The CMA highlighted the value of using the Council to sense-check analysis and to help inform how insights are fed back into government.

Agenda item 3: Responding to the impact of the situation in the Middle East

The CMA outlined its response to the situation in the Middle East, including work on the heating oil market, and sought views on whether geopolitical developments are creating difficulties for sectors, businesses and consumers.

The Council discussed volatility across a range of markets, and the impact on businesses, particularly smaller firms. Council members highlighted several live issues raised by their respective memberships.

The CMA noted that its role includes monitoring market activity and providing transparency where it is needed to support understanding. Discussion covered the role of transparency in supporting consumer trust, the limits of what competition enforcement can address in the context of global shocks, and the distinction between competition issues and wider inflationary pressures.

The Council also discussed the importance of the CMA clearly articulating its role and remit during geopolitical crises, including what is within the CMA’s scope to address and what is not, particularly where impacts on UK markets reflect imported inflation.

The CMA reiterated that its focus is on where competition is not working well in markets, including where regulatory protections designed for consumers may also be relevant to small businesses.

Agenda item 4: Reflections on 1 year of the digital markets competition regime

The CMA reflected on the first year of the digital markets competition regime, including outcomes from engagement with firms and commitments secured following SMS designations.

Procurement emerged as a important theme, with discussion focusing on its role in shaping market outcomes and supporting competition, including in cloud and business software markets. The CMA noted increasing interest across government in how procurement interacts with competition, digital markets and wider policy objectives.

Members discussed the challenges of procurement design, including its impact on market access, innovation and integration, and the importance of maintaining a clear competition lens while recognising wider policy considerations such as sovereignty.

Agenda item 5: Civil engineering market study final report

The CMA provided an overview of the civil engineering market study , including its scope, emerging findings and potential recommendations, and highlighted that implementation by government will be critical.

Discussion focused on the impact of procurement practices in the sector, including low margins for some activities, risk allocation and their impact on investment. The Council reflected on the balance between standardisation and innovation in procurement, and emphasised the importance of being clear about the trade-offs between actively shifting incentives to support better market outcomes and the consequences of leaving existing incentives unchanged.

Summary and closing remarks

The Chair thanked members for a wide-ranging discussion and highlighted the value of continued engagement through the Growth and Investment Council.

A Council member thanked the CMA for convening the Council and for the quality and usefulness of the discussion, encouraging the CMA to continue this approach.