I m thinking in particular of new cars, video games, designer goods, DVDs and branded consumables. Goods which can certainly be bought more cheaply in the United States and other countries. Economic efficiencies should be the prime objective of any competition law - not the vague promotion of public interest as has hitherto been the case with UK legislation. That is not to say that the public interest is of no concern. It remains a central aim.
Competition protects consumer choice and welfare - but the consumer has to play a part too.
And consumers have responded - the new car market is currently feeling the shift of control. Good markets are made by the interaction of regulation, competition and discriminating customers. The new Competition Act provides me with a shining array of sharp instruments with which to surgically remove anti-competitive practices and unfairly begotten profits. When I arrived from private industry I assumed, as do so many on the outside, that the OFT would be a laidback cat, living well off public funds. We still have a lean cat but one that is very much alive and kicking and I intend to ensure that in the next six months it makes its presence felt.