To ask the President of the Board of Trade if she will make a statement on competition law reform. [12470]

I will shortly be publishing a consultation document and draft Bill which is intended to introduce a tougher competition regime. The Bill will introduce a prohibition approach to anti-competitive agreements, cartels and abuse of a dominant position similar to articles 85 and 86 of the treaty of Rome. There will be fines for breach of the prohibitions and rights for customers and competitors to seek compensation in the courts.In addition, I am planning to establish a new body, a competition commission, which will take on the existing functions of the Monopolies and Mergers Commission and will also hear appeals against the decisions of the Director General of Fair Trading under the prohibition regime.