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Open date: 16 Mar 2011
Closing date: 13 Jun 2011
Response date: 15 Mar 2012
Following the Government's consultation, we are proposing to create a new Competition and Markets Authority that brings the Competition Commission and the OFT’s competition functions into a single organisation and to modernise its competition toolkit. The creation of a single Authority will enable us to eliminate inefficiency and unnecessary duplication in our markets and mergers regime . It will also ensure that we have a single organisation with the right powers and flexibility to use the best processes in tackling competition problems, and one that can help business understand their competition law obligations. Resource allocation will be improved, and business will benefit from having just one, streamlined organisation that helps them to understand and comply with competition law.
In any market, effective competition is essential. Well functioning competition helps to deliver a more dynamic economy which can generate economic growth, more jobs and prosperity. A robust competition regime gives confidence to established businesses in the UK as well as to those wanting to set up here. Competition also forces firms to innovate. They have to become more efficient and find ways to offer consumers better quality and often relatively cheaper products or services.To achieve the Government’s overarching objective, it consulted on change to:
In response to the consultation the Government is proposing to the create a single Competition and Markets Authority and modernise its competition toolkit to improve markets and help consumers and businesses by providing greater coherence in competition practice and a more streamlined approach to decision making. The proposed reforms will provide faster and less burdensome processes for businesses; and a single strong centre of competition expertise that can help business understand their competition law obligations and provide national and international leadership. The reforms to the competition regime will deliver:
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As part of government’s Red Tape Challenge, businesses and the public are invited to identify ways that ineffective, burdensome or unnecessary regulation affects growth in the business-to-business services sector.
Have your say at the Red Tape Challenge website