The CMA’s chief executive Sarah Cardell and other regulators met with Chancellor Rachel Reeves last week to deliver their ideas on how to stimulate growth.

It is understood that the submission from the CMA was thought to be underwhelming.

At the time, Reeves said she wanted regulators to “tear down” red tape.

“Every regulator, no matter what sector, has a part to play by tearing down the regulatory barriers that hold back growth.

“I want to see this mission woven into the very fabric of our regulators through a cultural shift from excessively focusing on risk to helping drive growth,” she said.

Last year, Prime Minister Sir Keir Starmer told a gathering of investors: “We will make sure that every regulator in this country – especially our economic and competition regulators – takes growth as seriously as this room does.”

In a statement, Mr Bokkerink warned against competition authorities becoming “vulnerable to short term expediency or vested interests”.

He said that his approach at the CMA was designed to promote growth through fair and effective competition by ensuring consumers and businesses had choice and “businesses large and small being free to compete, innovate and have a fair shot at succeeding based on merit…on a level playing field.”