Quarter of UK SMEs affected by unfair practices
Latest press releasesNearly a quarter of small and medium sized enterprises (SMEs) across Britain believe they are harmed by unfair practices such as cartel price fixing and collusion to set tender prices, says new research from the OFT.
Professor David Storey, Director of the Centre for SMEs at Warwick Business School, who is writing a report for the OFT on SMEs and competition, commented:
'What is interesting is that even when they experience anti-competitive practices, the reaction of the small firm owner is to soldier on without turning to the authorities. But using their rights under competition laws they can level the playing field to give them a better chance to beat the competition.'
The OFT's research confirms that despite failing to take action on anti-competitive business practices, SMEs appear to understand and acknowledge the benefits of competition and the importance of fair dealing to the economy:
* 75 per cent of SMEs agreed that competition is a driver for innovation and growth
* 62 per cent agreed that a competitive environment is key to winning and maintaining customer loyalty.
Professor David Storey, Director of the Centre for SMEs at Warwick Business School, who is writing a report for the OFT on SMEs and competition, commented:
'What is interesting is that even when they experience anti-competitive practices, the reaction of the small firm owner is to soldier on without turning to the authorities. But using their rights under competition laws they can level the playing field to give them a better chance to beat the competition.'
The OFT's research confirms that despite failing to take action on anti-competitive business practices, SMEs appear to understand and acknowledge the benefits of competition and the importance of fair dealing to the economy:
* 75 per cent of SMEs agreed that competition is a driver for innovation and growth
* 62 per cent agreed that a competitive environment is key to winning and maintaining customer loyalty.
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