UK regulator reverses decision, no in-depth probe of baby formula mkt
Until 1872, parliamentary electors cast their votes orally, sometimes in front of a crowd, and these choices were then published in a poll book
Britain’s competition regulator has decided against launching a more extensive market investigation into the supply of infant formula after an initial study, it said on Friday.
The Competition and Markets Authority (CMA) said its study launched in February had identified significant concerns about the infant formula market and that it will recommend change, but it stepped back from a lengthier probe.
A more extensive investigation would have been lengthy and depending on its outcome could have resulted in remedies being imposed on specific companies and possibly fines.
The cost of baby milk formula was in the spotlight during Britain’s inflation-driven cost of living crisis, with media reports saying that some struggling parents had resorted to watering it down to feed their children.
The CMA said last November that ineffective competition in the baby formula market could be leading to parents paying higher prices.
It noted then that prices had risen 25% in two years. It said two firms controlled 85% of the UK baby formula market, but did not name them. Data from Euromonitor showed they were Danone and Nestle. Prices have since fallen.
The watchdog said on Friday it had identified significant concerns that the combined effect of the current regulatory framework, the behaviour of manufacturers and suppliers and the needs and reactions of people buying formula were resulting in poor market outcomes.
“The CMA considers these concerns will be best addressed by progressing with our market study and developing recommendations to governments to improve these market outcomes rather than moving to a more extensive market investigation,” it said.
The regulator plans to publish an interim report with provisional recommendations for action in October, it added.
First Published: Aug 16 2024 | 3:02 PM IST
Related
New year: Brazil welcomes 2025 as celebrations move to the…
Police prepare for a million visitors at Times Squarepublished at 01:32 Greenwich Mean Time01:32 GMTBlanca EstradaUS reporterImage source, Getty ImagesIn a few
Parts of UK could ring in the New Year with…
People in some parts of the UK may have a chance of seeing the Northern Lights on New Year’s Eve, the Met Office said. The Northern Lights seen in an
Revellers cheer in New Year around world despite bad weather…
For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emailsSign up to our free breaking news emailsSign up to our fr
UK’s Starmer seeks to boost public morale after negative messaging
British Prime Minister Keir Starmer on Tuesday attempted to boost public morale by pledging a "year of rebuilding" while "rediscovering the great nation that
