Island to get new competition legislation

New competition legislation could be brought in on the Isle of Man to help businesses compete in an open and fair market.

The Office of Fair Trading wants to update its competition policy which dates back to the 1980s and which it says is out of date.

It says it is important, in our micro-economy, to ensure regulation is in place where issues of scale can result in natural monopolies and people enjoying market dominance.

A public consultation will run until the end of September to gather the public and business community’s feedback.

Chief officer Mike Ball says the office will look at other jurisdictions for guidance:

(PLAY AUDIO ABOVE)