E Competitive markets |
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The
framework within which businesses, consumers and employees interact is central
to productivity and competitiveness. The framework sets out the rights and
responsibilities of participants and gives parties the confidence to interact.
It ensures that contracts are fulfilled, that consumers have rights of redress,
that intellectual property is safeguarded, that workers have minimum rights and
that managers have the incentives to behave with probity. Weaknesses in the
framework undermine confidence and make it more costly for firms to generate
productivity gains.
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Competition � an
open economy with strong domestic and
����������� foreign�competition
in UK markets helps spread best practice
����������� and improves efficiency.�
It also encourages the development
����������� of new products and�
processes.�
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The
labour market � modern, fast changing
economies need
����������� flexible efficient
labour markets in order to respond to changing
����������� circumstances
and to make the best of new opportunities.�
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They also need to offer
appropriate worker protection.
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Institutional and political environment
�
business
���������� confidence and the willingness to
invest is affected by the
���������� institutional and legal framework, and the
efficiency of the
���������� regulatory system.� The
latter is also particularly
important for
���������� consumer confidence.
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Last updated on 20 November 2003