In our response, we welcome the opportunity to contribute to this important review, reflecting the insights of our Corporate Finance Committee members, who advise clients active in mergers and acquisitions. The submission was prepared with advisory support from Linklaters LLP.

 

We express strong support for the CMA’s continued efforts to deliver its 4Ps framework across the merger control regime, including in relation to how efficiencies are assessed. We also endorse the CMA’s broader strategic aim of strengthening business confidence and promoting investment, innovation and growth across the UK.

 

Our submission provides a focussed contribution to Theme 1(b) of the consultation, which examines the evidence base for assessing efficiencies. This is an area where both UK Finance and our members are well positioned to offer practical expertise.

 

We highlight that merger synergies are a key driver of M&A activity and can generate significant benefits for consumers, particularly where they enhance rivalry in the market. Given this, we encourage the CMA to place appropriate weight on the merging parties’ own synergies assessments. These analyses often represent some of the most detailed, transaction‑specific evidence available and can be meaningfully supplemented by other sources where needed.

 

UK Finance looks forward to continued engagement with the CMA as it refines its approach to assessing efficiencies in merger control.