Why has the UK set up independent competition authorities?

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Presentation transcript:

Why has the UK set up independent competition authorities? Robert Foster Chief Executive Competition Commission Wednesday 14th April 2004

Why do we have a competition policy? Competition policy covers cartels, mergers, monopolies Competition policy benefits consumers through lower prices, higher quality products and more innovation Competition policies developed in USA over 100 years and in EU 50 years HMG believes innovation / entrepreneurialism / skills /competition are driver of productivity

What are changes in competition policy in UK New Enterprise Act makes OFT / CC independent of Ministers No longer public interest but economic test (substantial lessening of competition) OFT can fine business involved in cartels up to 10% revenue for 3 years Criminal sanctions CC determinative in allowing/blocking mergers

Why Have National Authorities in Global World Why not just one authority for EU (ie a monopoly!) EU law covers major mergers with impact in number of member states National law is subject to EU law

Who takes decisions and types of cases chat competition authorities handle OFT (600 people) and CC(200) OFT looks at 200-300 mergers per year; CC then at dozen in detail Phase 1 / 2 allows split prosecution/investigation roles to allow fair hearing Safeways Carlton Granada

Who are deciosion takers accountable to? Competition Appeal Tribunal Court of Appeal Select Committees Increasingly media

Is competition policy effective? Evaluation – real effect deterrence Evaluation of mergers by universities Will public accept concept of expert body doing work formerly responsibility of Ministers? Need to be very transparent

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