It is supposed to be the government department scrutinising merger and acquisition activity and holding businesses to account on behalf of consumers.

But, over the past two years, the tables have turned – the Competition and Markets Authority (CMA) is increasingly coming under the microscope.

A combination of blocked deals and a swathe of phase-two investigations since last spring, in particular, have stoked concerns.

Last April, the watchdog blocked the £13bn mega-merger between Sainsbury’s and Asda over fears the combination would lead to “increased prices, reduced quality and choice of products, or a poorer shopping experience” for shoppers.

In October, the CMA cited similar reservations when launching an in-depth phase-two probe into JD Sports’ planned £90m acquisition of rival Footasylum – something JD Sports boss Peter Cowgill fervently dismissed.

Just last week it made an eleventh-hour intervention into online food delivery specialist Just Eat’s £6bn merger with Dutch rival Takeaway.com and received a defiant rebuttal from Amazon and Deliveroo over its probe into their proposed tie-up.