compete for customers. Purchasers of goods and services
whether individual shoppers or businesses benefit from paying
less for goods and services and having more choice and
better quality goods and services. Competition results in open,
dynamic markets featuring increased innovation, more choice and
better value.
too. For example, increased competition from more suppliers
results in the price of electricity coming down for consumers and
businesses, meaning the cost of doing business comes down.
abroad, which in turn supports economic growth and ultimately
helps job creation.
is a price-fixing cartel or a business abusing its market power,
both business and consumers suffer. The cost of doing business
goes up.
important that you make sure your business stays on the right
side of the law. Penalties for infringing competition law are severe
and include fines of up 5 million or 10% of turnover, prison
sentences of up to 10 years and disqualification from being a
company director for five years. Therefore it makes sense to
comply with the law.
business can strive to have the right measures in place and can
form part of your company's overall risk management and
compliance measures.
competition law by providing some useful information on setting
up a compliance programme.