Office of Fair Trading
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OFT launches consultations on calculating direct benefits to consumers and on prioritisation of work
The OFT is today launching consultations on the way it calculates the direct financial benefits to consumers of its work and on the way it prioritises which projects should be started and whether work on existing projects should continue.
The consultation on measuring direct benefits to consumers sets out how the OFT proposes to assess performance against one of its key targets. The target is to deliver direct financial benefits to consumers of at least five times the amount the OFT costs taxpayers. Direct benefits to consumers from OFT actions include price decreases after remedying anti-competitive activity, but also improvements in quality or the benefits consumers gain from making better informed choices.
Other important benefits of OFT work, such as deterring future anti-competitive behaviour or increasing confidence in markets are not included in this target.
The consultation on prioritisation principles forms part of the OFT's continued commitment to a more targeted and transparent approach to its work. This consultation is inviting stakeholders to contribute their views on what principles should underline the OFT's future priorities and explains how the OFT currently understands a range of issues, including consumer welfare.
Following the consultations the OFT will publish the way it calculates direct financial benefits to consumers of the work it carries out as well as details of how the OFT's work is prioritised.
The consultation documents can be found at http://www.oft.gov.uk
NOTES
1. As announced in the Budget 2007, the OFT has agreed with HM Treasury new performance targets for the 2007 Comprehensive Spending Review (CSR07), covering the financial years 2008-09, 2009-10 and 2010-11. The Performance Framework will be used as a basis of HM Treasury's assessment of the OFT effectiveness in the next Spending Review. In October, HM Treasury intends to publish the CSR, which will provide a high level outline of the OFT settlement. The OFT Annual Plan 2008/9, to be published in March 2008, will provide more detail on how we intend to meet our agreement.
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