The precondition for all else is of course macro- economic stability so that businesses and individuals are able to plan for the long term. In today's global marketplace, national economies must be founded on a platform of monetary and fiscal stability. Second, competition But stability is not enough, the sharpest spur to innovation, efficiency and improvement is competition. Monopoly protects the privileged. Competition empowers the consumer.
Competition promotes better services and better prices.
The new economy of the next decade will need more competition, more entrepreneurship, more flexibility and more long term investment. That is why this Government is reviewing every barrier to competition in the emerging e-commerce market. Old monopolies and cosy cartels have no place in this new market. So, our new Competition Act for the first time prohibits all anti-competitive practices. In every area we are asking what we can do to enhance competition.