What legislative act primarily regulates competition in the United Kingdom?

The Competition Act 1998 is the primary legislation that regulates competition in the United Kingdom. This act introduced a formal legal framework for promoting competition and addressing anti-competitive behaviors.

It empowers the Office of Fair Trading (OFT) and the Competition and Markets Authority (CMA) to investigate and act against practices that distort competition, such as cartel behavior and abuse of market dominance. Furthermore, it lays out provisions for the enforcement of competition rules, aligning UK competition laws more closely with European Union regulations, which reflects the emphasis on maintaining a competitive market environment for the benefit of consumers and economic growth.

The other legislative acts mentioned do not primarily focus on competition regulation in the same comprehensive manner. For instance, the Competition Act 1995, while important, was succeeded by the 1998 Act, which updated and expanded the regulatory framework. The Business Regulations Act 2001 and the Fair Trading Act 1973, although relevant to business practices and consumer rights, do not specifically concentrate on competition issues like the 1998 Act does.