Competition: the heat is on
The Competition Act, which came into force this month gives the Office of Fair Trading sweeping powers. Tim Frazer looks at what this means to trading companies within and outside the UK
“From 1 March, the UK will move from having one of the most permissive competition regimes in the world to one of the toughest. The new law gives my officials the power to enter premises and require the production of documents. I will be able to impose penalties on those who abuse a dominant market position or enter into secret deals to destroy competition in order to keep prices high for UK consumers. The days of anti-competitive practice are over.” John Bridgeman, Director General of Fair Trading.
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