OFFICE OF FAIR
TRADING News Release (25/09) issued by COI News Distribution
Service. 5 March 2009
The OFT has
welcomed today's National Audit Office (NAO) progress report
on the OFT's competition work.
'The Office of Fair Trading: Progress Report on Maintaining
Competitive Markets', found that the OFT has improved the
value for money it provides since the NAO's previous study in
2005. It reports that the OFT has focused its resources on areas
where it can have the most impact, become more proactive, and
raised its profile by taking strong, high profile action against
cases of anti-competitive behaviour.
OFT Chief Executive John Fingleton said:
'This report is positive news for the OFT. We have worked
hard over the past three years to promote competitive markets and
improve compliance with competition law, and are pleased that the
NAO recognises the substantial progress we have made. Effective
public enforcement of competition law is central to allowing
strong, efficient and customer-focused businesses to drive
economic growth and recovery.
'We are very committed to strengthening the skills and
experience of our staff, and we welcome the NAO's
recommendations for continual improvement in attracting and
developing talent. We agree that we can be clearer about the
timescales and progress of our investigations, and will be
consulting on proposals in this area shortly. We will also ensure
that we continue to send out a clear public message about the
importance of compliance with competition rules, including in
smaller markets.'
NOTES
1. The NAO report released today looks specifically into the
OFT's competition enforcement and market study work. The OFT
spent approximately £26 million (around 33 per cent) of its £78
million expenditure in 2007-08 on its competition work (£18
million) and market studies (£8 million).
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