UK Housebuilders Agree to Pay £100m to Settle Competition Investigation
Several UK housebuilders have agreed to pay £100m to resolve a competition investigation by the Competition and Markets Authority (CMA). The firms will contribute towards affordable housing and refrain from sharing sensitive information to ensure a competitive market.
The Competition and Markets Authority (CMA) investigated whether housebuilders shared information like pricing and incentives. Seven firms agreed to pay £100m for affordable homes to avoid a decision on breaking competition law. The firms include Barratt Redrow, Bellway, Berkeley, Bloor Homes, Persimmon, Taylor Wimpey, and Vistry. The CMA did not confirm if firms shared sensitive data. The payment aims to benefit those who may have overpaid due to data sharing.
The CMA's focus is on ensuring a competitive market. The firms do not admit wrongdoing. The government supports pro-growth regulations. The CMA swiftly resolved the case, with the housebuilders agreeing to comply with the law.
According to the source: BBC.
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