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49/11 31 March 2011
Making markets work well for consumers and helping to drive economic growth are central OFT priorities for the next twelve months, as set out in its Annual Plan today.
The OFT plans to achieve this through continued high impact consumer and competition enforcement, alongside influencing the behaviour of consumers, businesses and Government - making full use of its combined consumer and competition tools.
During 2011/12 the OFT will prioritise key sectors for economic growth and UK consumers, with a particular focus on:
The plan is delivered in the context of a spending review, which reduces the OFT's budget by 25 per cent over four years, requiring it to deliver 'more with less'. The OFT plans to maintain its frontline enforcement budget whilst continuing to make this work more efficient, and at the same time deliver a radical overhaul of back office functions. See press release, 'OFT announces changes to group structures', 31 March 2011.
The OFT will also work closely with the Government on its consultation into possible future changes to the competition and consumer regime, to ensure reforms build on the most successful features of the current system.
OFT Chairman, Philip Collins, said:
'The current focus on economic growth and recovery makes an effective competition and consumer regime more crucial than ever. While much is likely to change in the next twelve months, we will continue to focus on the best outcomes for consumers, including vulnerable consumers, and the wider economy.'
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