The importance of competition policy an office of fair trading

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 The purpose of competition policy Competition is an essential element in the efficient working of markets. It brings important benefits to the consumer by: encouraging enterprise, innovation, efficiency and a widening of choice;enabling consumers to buy the goods and services they want at the best possible price; andcontributing to our national competitiveness. Competition policy seeks to encourage and improve the competitive process, and to ensure consumers feel the benefits of that process. These aims are achieved in practice through competition law.  United Kingdom competition law United Kingdom (UK) competition law is a flexible instrument. With one exception, the legislation is based on the premise that each case should be judged by the actual effect which a practice has on competition and whether it is against the public interest. The public interest has a broad meaning and is not precisely defined in the legislation. UK competition law involves a range of legislation but at its core there are four principal Acts of Parliament, each dealing with a separate aspect of competition policy. Fair Trading Act 1973 deals with mergers and abuses of monopoly power in a market. Competition Act 1980 deals with anti- competitive practices by particular companies. Restrictive Trade Practices Act 1976 deals…

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