Chancellor George Osborne and business secretary Sajid Javid vow to boost competition in 11 sectors including banking, broadband and energy

 
Lauren Fedor
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Chancellor George Osborne and business secretary Sajid Javid will make the joint announcement today (Source: Getty)

British families could save £470 a year thanks to a new government plan to boost market competition, chancellor George Osborne and business secretary Sajid Javid have said.

In a joint announcement today, Osborne and Javid will reveal a new, 25-page document intended to create more competitive business conditions – something they say will bring down bills for individuals and firms.

The government is targeting nearly a dozen sectors, including banking, broadband and energy.

The government said it will boost competition in banking by launching the previously-announced “New Bank Start-Up Unit” to support new entrants in the banking sector. It will target the broadband market by having the Advertising Standards Authority (ASA) look at ways to make costs clearer for consumers. And ministers said they would make switching energy suppliers easier for consumers, yet provided little detail as to how it would do so.

Other industries facing new competition rules include water, legal services, pharmacies and motor insurance.

Commenting on the announcement today, Osborne said the “broad package of reforms will make markets work better for families”.

“It’s the government’s responsibility to help foster the right conditions for competition and investment across the UK,” Osborne added. “That’s why the concrete steps we’re announcing make sure government, regulators and local authorities all play their part in promoting competition and removing market distortions.”

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