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OFT sets vision for future in draft Annual Plan 2007-08

173/06    11 December 2006

The OFT has today published its draft Annual Plan for 2007-08, in which it commits to deliver a series of high-impact outcomes, producing direct financial benefits of at least five times the cost of the OFT.

Download Annual Plan 2007-08 consultation paper (pdf 552 kb).

The plan shows how the OFT will build on past success, while significantly enhancing its ability to identify where and how it can have the highest impact on markets, to the benefit of consumer welfare, business vibrancy and the wider economy.

Core elements of the plan are:

• better use of intelligence as a tool for identifying action
• increased evaluation of OFT action
• more strategic use of OFT powers - integrating competition and consumer policies
• more rigorous prioritisation and flexible use of resources, and
• more effective collaboration with partners and stakeholders.

The OFT is keen to receive comments on all aspects of the draft Plan. These must reach the OFT by 2 March 2007.

Commenting on the publication of the draft Annual Plan, Philip Collins, OFT Chairman said:

'We are determined to deliver real benefits for consumers, fair dealing business and the wider economy. The Plan shows how we will achieve this by concentrating on markets as a whole and making a more effective use of the tools available. Our target to deliver direct financial benefits of five times the cost of the OFT demonstrates the strength of our determination to focus on outcomes which benefit consumers.'

NOTES

1. The closing date for consultation responses is 2 March 2007.

Comments can be sent to:

Nigel Cates
Strategy and Planning Team
The Office of Fair Trading
Fleetbank House
2-6 Salisbury Square
London
EC4Y 8JX
Email: nigel.cates@oft.gsi.gov.uk
Tel: 020 7211 8114

Responses to this consultation will be made public unless marked confidential.

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