In this response to the comprehensive issues paper published by the Brexit Competition Law Working Group, Oxera provides an economic perspective on three major issues surrounding the impact of Brexit.
Following the vote on 23 June in favour of the UK leaving the EU, this note presents initial thoughts on some key areas where the outcome of the referendum vote may affect the water sector in England and Wales.
With the UK Financial Conduct Authority (FCA) commencing its post-implementation review of the crowdfunding market, including both peer-to-peer (P2P) lending and equity-based crowdfunding, the Peer-to-Peer Finance Association (P2PFA) asked Oxera to conduct an independent economic assessment of P2P lending.
Asset managers are responsible for managing assets for pensions, insurance and other long-term savings products. With over £5trn of assets under management in the UK, asset management makes up a large part of the capital markets. Asset managers also generate significant net exports for the UK, as some £2.2trn of these assets are managed for overseas investors.
The UK Financial Conduct Authority (FCA) commissioned Oxera and the Nuffield Centre for Experimental Social Sciences (CESS) to conduct an experiment to test the impact of prompts on consumers’ propensity to shop around for pensions annuities. The findings of the experiment will be used by the FCA in its proposed remedies for the annuities market.
The Australian Energy Market Commission (AEMC) commissioned Oxera to consider how behavioural insights can be applied to retail energy markets in Australia, and in particular the competitive market indicators tracked by the AEMC. To that extent, this report provides recommendations for how behavioural economics could be incorporated into the AEMC’s analysis, although the specific analysis would require additional primary research, which is beyond the scope of this report.
A note for ScottishPower based on a non-confidential submission to the CMA.
Despite the UK being part of the EU Single Market, trade in electricity between Great Britain and connected markets is significantly affected by differences in CO2 taxes, as well as in transmission and balancing charges. Brexit may give the UK the opportunity to adjust for this effect through import tariffs. If this happens, what would be the impact on the GB electricity market and trade in electricity? To answer this question, Oxera has estimated the likely changes using its electricity market dispatch model.
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