Competition Commission
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Competition Commission publishes Annual Report
During the reporting year, the CC completed three major market investigations into Groceries, Payment Protection Insurance, and BAA, although work continues on implementing remedies following these investigations. In addition, the CC completed four merger inquiries and two regulatory inquiries—into mobile phone termination charges (as part of an appeal to the Competition Appeal Tribunal by BT and Hutchison 3G) and a review of landing charges at Stansted airport.
The report also reveals that an assessment of the benefits for consumers resulting from the CC’s and Office of Fair Trading’s work in merger and market inquiries, provides an estimated ‘benefit’ figure of just over £400 million a year attributed to the CC, whose running costs come to less than 6 per cent of this figure.
Introducing the report, CC Chairman, Peter Freeman, stresses the importance of competition policy, even in an economic downturn:
Arguments produced in the midst of a crisis often do not stand up to close scrutiny and the arguments for abandoning competition at this time are no exception. It is rather like asking the captain of a ship to throw away the rudder because there is a severe storm blowing. It is true that the rudder may be harder to operate during the storm, but you still need it and to be rudderless when the storm abates is hardly good seamanship… I have no doubt that it is extremely important both for the continued economic strength of the UK and for the interests of its consumers that vigorous and competitive markets should remain the preferred basis for economic activity.
Notes to editors
1. Copies of the Annual Report and Accounts 2008/09 may be obtained from the CC Information Centre (general inquiries: +44 (0)20 7271 0243). It is also available in PDF format for downloading from our website www.competition-commission.org.u k.
2. The CC is an independent public body which carries out investigations into mergers, markets and the regulated industries.
3. Enquiries should be directed to Rory Taylor
