One of the worst-kept secrets in the world of competition law became official last week: the UK Government is planning to merge the Office of Fair Trading (OFT) and the Competition Commission (CC). Along with the Advisory Committee on Historic Wreck Sites, the Pesticides Residues Committee and the Zoos Forum, these pillars of the UK competition system have been singled out for attention in Vince Cable’s bonfire of the quangos.
The Department for Business, Information and Skills’ statement and the OFT press release both refer to the creation of a “competition and markets authority” – no capital letters, at least not yet. A consultation is to be launched, although not until 2011, and since the change will require primary legislation, the new body – the CMA? – will surely not be with us until 2012 or 2013.
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