OFT annual report 2007/2008

Annual report and accounts (104 pages, PDF) of the Office of Fair Trading for the financial year 2007/2008. The audit report has a qualification due to an overspend attributed to a VAT issue. Expenditure has risen by 4.5 per cent to £78 million (including depreciation and notional cost of capital).

The OFT claims financial consumer benefits from its work of £326 million a year. This is explained in a "positive impact" paper (41 pages, PDF). OFT calculates a benefit/expenditure ratio of more than 6:1 by using for the denominator the total cost of the OFT excluding Consumer Direct and Consumer Credit Licensing. The NAO (whose 2005 report triggered this form of reporting of beneficial impacts) is due to report again on the OFT's competition law enforcement work by early 2009.

For further information or advice please contact Franck Latrémolière.

Filed under OFT, Regulators.

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