The Chancellor and the Secretary for Business, Sajid Javid have launched an ambitious action to increase competition in our economy - bringing down bills for families and firms while creating the conditions for businesses to thrive.
The 25 page blueprint called ‘A better deal: Boosting competition to bring down bills for families and firms’ sets out concrete steps the government is taking to secure rising living standards and create competitive business conditions for firms.
Effective competition is crucial for dynamic markets that drive innovation and productivity as well as promoting consumer choice, resulting in better products and services at lower prices and putting more disposable income in the hands of working people.
Focusing on fostering competition in the UK, the Better Deal delivers on the government’s long-term drive to increase productivity that was first set out in ‘Fixing the foundations: Creating a more prosperous nation’ in July.
The deal will deliver for families and firms by:
- making switching supplier easier for customers across markets that matter to people – including communications, energy and banking
- opening markets, and encouraging new services in water, legal services and pharmacies
- cutting red tape and championing enterprise so that the UK continues to be a place where businesses thrive
- reducing the cost of energy and motor insurance for families
Taken together the Better Deal will boost the potential of our economy in a way that is a ‘win win’ for families and firms and ensure the UK remains a world-leader as a place to start and grow a business.
The Chancellor said:
This broad package of reforms will make markets work better for families.
Driving competition will improve choice for people and ensure they get a better deal.
And cutting red tape will help businesses grow and thrive.
It’s the government’s responsibility to help foster the right conditions for competition and investment across the UK – that’s why the concrete steps we’re announcing make sure government, regulators and local authorities all play their part in promoting competition and removing market distortions.
It’s all part of our long-term plan to boost productivity and make the UK the most prosperous and secure of any of the major economies of the world.
Which? executive director, Richard Lloyd, said:
We warmly welcome the government’s plan to help consumers get a better deal through more competitive markets. Hidden charges, confusing contracts running to dozens of pages, and complicated switching are still too common in markets we all rely on. By making it easier for consumers to save time and money, these reforms are good for people, businesses and growth in the economy.