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Competition policy refers to the set of government policies designed to promote competition, prevent the abuse of market power, and protect consumer welfare. In the UK, the principal body responsible for competition policy is the Competition and Markets Authority (CMA), established in 2014 by merging the Office of Fair Trading (OFT) and the Competition Commission. This lesson examines the key elements of UK competition policy, the role of regulation, and the debate between regulation and deregulation.
Competition policy exists because unregulated markets may produce outcomes that reduce economic welfare:
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