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UK competition watchdog says big companies' profit margins rising

UK competition watchdog says big companies' profit margins rising

FILE PHOTO: A view of Canary Wharf business district in London, Britain, October 14, 2020. REUTERS/Matthew Childs/File Photo

LONDON: Profits and price mark-ups are rising at Britain's biggest companies, the competition watchdog said on Monday in a report looking at the state of competition in the economy.

"Among the biggest companies in the economy, profits and mark-ups appear to be rising," the Competition and Markets Authority said in a statement. "The biggest firms saw mark-ups increase by 9per cent over the last 20 years."

The report also said there had not been a spike in company closures during the pandemic, but 40per cent of firms have posponed or reduced plans to expand.

(Reporting by William James; editing by Guy Faulconbridge)

Source: Reuters

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