Table of Contents
The head of the competition watchdog said he is trialling an artificial intelligence-powered tool to crack down on “bid rigging” in the economy.
Sarah Cardell, head of the Competition and Markets Authority (CMA), said the tool was designed to reduce the “significant risk” of companies collaborating when bidding for public contracts, which are worth around £300bn a year.
AI will be used to analyze data and detect “areas of potential anti-competitive conduct,” he told the Financial Times.
The CMA chief said a trial at a government department was already “proving quite successful”.
Forward thinking: The CMA said a trial at a government department was already “proving quite successful”
It comes as rules are set to be implemented that could ban companies from bidding for government contracts if they breach competition law.
DIY INVESTMENT PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-to-use portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free Fund Trading and Investment Ideas
interactive inverter
interactive inverter
Fixed fee investing from £4.99 per month
sax
sax
Get £200 back in trading fees
Trade 212
Trade 212
Free trading and no account commission
Affiliate links: If you purchase a This is Money product you may earn a commission. These offers are chosen by our editorial team as we think they are worth highlighting. This does not affect our editorial independence.