Competition "more important than ever" to keep prices down

Thursday 23 February 2023

It is "more important than ever" that Jersey businesses feel the pressure of competition to keep their prices down, the Economic Development Minister has said.

Deputy Kirsten Morel's comments came after a consultation was launched on proposed changes to the Jersey Competition Law framework.

The Minister, who has responsibility for competition policy, said the consultation comes at a time when islanders are facing an "unprecedented rise in their living costs".

Pictured: Deputy Kirsten Morel said an 'attractive and competitive business climate' was essential for Jersey's economy.

The key proposed changes to the Competition (Jersey) Law 2005 include:

• A revised framework for the control of mergers and acquisitions to reduce, wherever possible, the administrative burden for businesses and to enable the Jersey Competition Regulatory Authority to better focus resources where they are most needed.

• An enhanced framework for market studies to enable the JCRA to better assess whether local markets are working well for consumers.

• A streamlined resolution process for competition law cases, and the creation of a more balanced framework for appeals.

• Enhanced JCRA powers to seek director disqualifications, and the introduction of a new criminal offence for cartels.

Deputy Morel said: "When competition in the market works well, consumers benefit through better products, greater choice and lower prices.

"It is essential for our economy that Jersey maintains an attractive and competitive business climate with a robust, transparent and supportive regulatory regime. This will work to protect Jersey consumers and help reduce the barriers to business, enabling Jersey companies to thrive."

He continued: "This consultation comes at a time Islanders are facing an unprecedented rise in their living costs. The increased cost of living affects us all, but particularly those Islanders struggling the most.

"Therefore, it is now more important than ever that businesses in Jersey feel the pressure of competition to keep their prices down.”

Islanders have until 21 April to take part in the consultation, which can be found on the gov.je website.