Summary The Penrose Report to the UK Government recommending wholesale reform to the UK’s competition regime is a paean to the power of deregulation and increased competition to drive economic growth and beneficial consumer outcomes. In the autumn of 2020, the UK Government commissioned John Penrose MP to carry out an independent review of the UK’s competition policy. Penrose was asked to review how the UK’s competition regime should evolve post-Brexit to drive economic recovery from COVID-19, level up the regions, increase consumer trust, support UK disruptors, and best leverage data, technology and digital skills. The 70-page Report, titled Power to the People, was published on 16 February 2020. Matching the questions asked, the Report is broad in scope and ambition, calling for an entirely new legislative framework, and containing many striking recommendations, which merit serious engagement from public and private sector stakeholders alike. Penrose puts forward a diverse range of proposals to reform competition and consumer protection regimes in the UK, with the overarching goal of making “markets work for people, not the other way around”.