Competition Law in the European Union and the United Kingdom Essay - 10

Competition Law in the European Union and the United Kingdom - Essay Example Kingdom laws that relate to the infringement of competition laws by some of the world’s biggest oil companies including BP Plc, Statoil ASA, and Royal Dutch Shell. More emphasis is conferred upon the relevant facts and legal principles regarding competition law. Â  The Competition law was formulated with the intention of safeguarding consumer and state interests from unfair business practices by firms in Great Britain. (Prosser; 2005) This was necessitated by the threat posed by unscrupulous collusions aimed at maximizing market shares and revenues by individual firms that may lead to boated price levels or supply of inferior quality goods and services. For instance, an increase in the price of crude oil by your company will directly lead to increased costs of production, transport, energy and consumer products and services in order to cater for additional overhead costs. Â  The United Kingdom had its maiden law against unfair Competition in 1998.It was subjected to further adjustments later on in Enterprise Act of 2002 to incorporate new ideas and discard contentious clauses. The formation of the European Commission, the present-day European Union, which sought to cater for interests of member countries also made immense contributions to the ongoing protective policy changes among member states. Under its social and economic pillar, it fashioned the Competition law which later on gained prominence becoming part of The Treaty on the Functioning of the European Union. Â  Britain joined the European Union and consequently adopted the statute on Competition which as stated above was applicable to all the member states. This combined with the Competition Act 1998 and the Enterprise Act 2002 governs the conduct of businesses within the United Kingdom. The articles 101 and 102 provide the policy guidelines for the Treaty on the Functioning of the European Union whereas chapters I and II outline the provisions of the Competition Act 1998 and the Enterprise Act 2002.