Our first ambition must be to secure substantial productivity growth, as the right hon. Member for Wells mentioned in his opening speech. That is why the Budget proposed further reforms to promote competition and innovation, and to support enterprise. Competition has long been recognised as essential to an efficient economy. It creates pressure to innovate, to keep costs down, and to improve the quality and choice of products available, and it ensures that resources are allocated to the most efficient firms.
Competition is also the most effective way of ensuring that consumers receive a fair deal.
The Government remain anxious to ensure that all sectors of the economy are exposed to competition. The Office of Fair Trading yesterday published its report to the Government on competition in the market for professional services. Today I wish to give the Government's response to that report. The director general also raises questions about a number of existing restrictions, including the distinction between Queen's counsel and junior barristers, which is said to have significant effects on competition. He also questions the operation of the system as a quality mark and its value to consumers.