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| howtocomplain.com
news...howtocomplain.com news...howtocomplain.com news...howtocomplain.com
news The Great Changes from HM Treasury June 2001 When and who announced them? The great changes were announced on Monday 18th June 2001 by Chancellor of the Exchequer, supported by the Secretary of State for Education and Secretary of State for Trade and Industry. What general changes have been announced? 1. proposal for a new criminal offence that allows prosecution of company directors who are suspected of anti-competitive practice through pricing cartels; 2. change in the bankruptcy laws that currently gives the government the first rights to the cash and assets of the company; 3. change in the bankruptcy laws that currently gives bank creditors the sole rights for administering the receivership of a failing form; 4. reduce capital gains tax from 30% to 10% over two years; 5. review the planning permission process; 6. restructuring of the competition commission so that it is independent of policitcal influence; 7. slimline the investigation criteria of the competition commission to speed the process up (this includes removing the consideration of the social impact, environmental factors and fringe services of mergers) What does it mean for the consumer ? The overall aim of these changes is to encourage further competition and creation of an enterpeneurial spirit which the government believe is not yet raging within the British people. If the changes worked, the consumer would see an increase in price wars between retailers. Many argue that this won't effect the cartels as they do not necessarily hold official board meetings which minute the price fixing. The proposed changes in the planning permission process and competition commission may have a detrimental effect on local consumers due to the slimlining of the selection criteria and who is making the decisions. The Secretary of State for Trade and Industry will have the power to overrule some decisions, but it is not clear on what grounds she would be able to. Is anything really going to change? Essentially these changes will take a couple of years to be approved and implemented, as the majority will require a public consultation. The remit of the competition commission will change completely from being an advice body to a statutory body. What is the OFT? The Office of Fair Trading is an executive Agency funded by and accountable to the DTI. Its basic remit is to ensure that fair competition is encouraged and anti-competitive behaviour is investigated and prohibited. The OFT website gives clear details of its role, the structure of the agency and access to all its work.
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