Student Name 1

NEWS ANALYSIS

Student Name

Course Name and number

University Name

Professor Name

City, State

Submission Date
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Competition, Pure Monopolistic, Monopoly 

The significance of competition in UK economic presenting in the early stage of march 2021,

the Finance Minister of Business authority merged with commissioned authority in order to

continue an inquiry of the state of competitive field environment in March 2021 which was

followed by their previous judgment published by the “CMA” in November 2021. The

second stage of state of competitive environment reported the finance minister and Business

Secretary's requested for the same. The prominent major aim is to procure data collection

from various sources and analytical framework that helps to interpreted the “public debate

and policy”. The current report says that the, updated major or important indication of the

state of competitive environment, includes the important attention, profitability, mark- ups,

and entry and outward (GOV.UK. 2022). The UK's expansion of changes business

relationships with the European body has researched in disarranging of supply chain

management and shipping capacity and ability to do the work, and rising energy purchase

material cost due to Covid- 19 situation, brought many challenges and hast make changes and

upheaval to the economically. In those conditions, it's crucial to regulate and boost the

competitive intensity. Beneficial competition occurs when businesses seek to offer better

deals to buyers. The prices can't be raised or quality and service can't be reduced when the

firm competes effectively”.

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Figure: GDP growth rate in the UK

(Source: Statista, 2022)

The above statistics indicates the growth of GDP in the UK economy from the year 2017 to

2020 with the estimation till 2027. When the competition is inadequate, the companies avoid

in facing the same challenges to keep the amount of down and to keep maintaining the quality

rising and perform effectively and creatively. Weak competition harms business, the

customers pay more when the competition is weak. Also, the business organisation pays out

more than the amount of payable to its potential suppliers. At the time markets are reopen and

monopolized situation by a small amount of capable of business organization, they utilize

their ability to prohibit other businesses to enter into a new market and growing manner

(Competition notes. 2022). These important factors which will lead to price rises for the

potential customers as well as trading segment. Weak competition also influence the

economy, the firms don't feel the burden to regulate as efficiently”. The employees are not

productive and innovative hence, they can't get ahead of their competitors. Inefficient and

innovation lessens, resulting in the reduction of jobs, weaker productivity, and less wages

which in terms affects the economy of a country as a whole.

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Reflection

In this article I have described about the situation in detailed by concerning on the specific

points such as “what happened, when happened, what was the outcome and who was

present?”. However, I sat down and noted all the specific information recognizing about the

competition in the economy of UK. Before, I could realize about the workload, I was feeling

quite happy by thinking that I did unique research about the competition report of the UK

economy which turned out to be a great success for my assignment. Furthermore, I have got a

great chance to evaluate the entire issue on the article by providing the accurate facts and

figures with a positive contribution. Besides, a detailed analysis has been done so that it could

be easy to understand about the situation that has been undergone in the present

circumstances. Finally, I came to a conclusion by summarizing my learning and highlighting

the appropriate plan for the future related situation. Therefore, in this article I develop a good

skills and knowledge that will help me to act differently.

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Reference List

Competition notes. 2022. Wide ranging reforms to UK competition and consumer protection

regimes unveiled. [online] Available at: <https://hsfnotes.com/crt/2022/04/25/wide-ranging-

reforms-to-uk-competition-and-consumer-protection-regimes-unveiled/> [Accessed 24 June

2022].

GOV.UK. 2022. The State of UK Competition Report April 2022. [online] Available at:

<https://www.gov.uk/government/publications/state-of-uk-competition-report-2022/the-state-

of-uk-competition-report-april-2022> [Accessed 24 June 2022].

Statista, 2022. United Kingdom: Real gross domestic product (GDP) growth rate from 2017

to 2027(compared to the previous year) [online] Available at:

https://www.statista.com/statistics/263613/gross-domestic-product-gdp-growth-rate-in-the-

united-kingdom/ [Accessed: 23rd, June 2022].