Competition Act (1998, UK)

The Competition Act 1998 is UK legislation designed to promote fair competition in the marketplace. It prohibits anti-competitive practices such as cartels (secret agreements to fix prices or share markets), abuse of dominant market positions, and certain mergers that could lessen competition. The Act aims to ensure that businesses compete fairly, leading to better choices, prices, and innovation for consumers. It empowers authorities to investigate and take action against unfair practices, maintaining a healthy, competitive environment that benefits both consumers and the economy.