Wednesday, April 20, 2022

Protecting consumers and reinforcing competition


I agree with Thomas Sowell, and that's why, if a government wants to protect consumers, strengthening competition is usually the best thing it can do.

So I was pleased to see that today the UK government has announced new rules to clamp down on business practices that stifle competition – protecting consumers’ hard-earned cash while levelling the playing field for businesses that trade fairly. 

  • Consumers deserve better than to visit highly-rated businesses only to find poor service, and businesses deserve protection from rogue traders that undermine them – so it is right that we reform the rules to end unfair business practices. 
  • That is why the government is introducing new reforms to crack down on stifling business practices, which will make it illegal to pay someone to write or host a fake review, easier for consumers to opt out of subscriptions, and create new safeguards for customers’ money in prepayment schemes. 
  • These reforms will ensure consumer protections keep pace with a modern, digitised economy while allowing competition to thrive – meaning better products, greater choice, and lower prices.  

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