Competition encourages businesses to improve and innovate for the benefit of their customers competition law makes sure businesses are competing with one another and are protected from others . United kingdom competition law is affected by both british and european elements the competition act 1998 and the enterprise act 2002 are the most important statutes for cases with a purely national dimension however if the effect of a business conduct would reach across borders the european commission has competence to deal with the problems and exclusively eu law would apply. Both uk and eu competition law prohibit agreements arrangements and concerted business practices which appreciably prevent restrict or distort competition or where this is the intended result and which affect or may affect trade within the uk or the eu respectively consequences of breach contravention of chapter i or article 101 can have serious consequences for a company firms engaged . Competition laws must reboot capitalism if those of us who like capitalism fail to fix it those who dont will take over with disastrous results liam halligan 19 september 2020 o 400pm. Brexit the law and practice referred to in this practice note may be impacted by brexitfor further information on the potential impact see the effect of brexit on uk competition law in a deal or no deal scenario the competition and markets authority cma and sectoral regulators with concurrent competition powers may impose fines of up to 10 of turnover on an undertaking that is found
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