Passengers on individual routes on the Isle of Wight ferries have little choice.
Peter Titmuss/Alamy
The Office of Fair Trading (OFT) is one of two official bodies responsible for administering competition policy in the UK; the other being the Competition Commission (CC). Competition policy is a set of measures designed to promote competition in markets and to protect consumers in order to enhance the efficiency of markets. In this column, I look at one example of an investigation carried out by the OFT, to show how economic analysis informs their operations and shapes their recommendations.
You can find out about the OFT on their website (www.oft.gov.uk). This is how it describes its central mission:
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