Office
of Fair Trading London
The
Office of Fair Trading (OFT) is an independent body set up to protect
consumer rights and encourage competition in the marketplace. The OFT’s
goal is to make markets work well for consumers. We do this by enforcing
competition and consumer protection legislation, investigating markets and
communicating with consumers, businesses and government.
What
do our economists do?
Our
economists apply the microeconomic principles of how markets work to the
real world. In the Markets and Projects arm of the OFT they assess the
nature of competition in an industry under investigation and how
competition is affected by agreements between firms, by the behaviour of
powerful firms and by mergers. In conducting market studies they may in
addition the consumer side of markets, assessing whether actions by firms
or trade organisations and asymmetries of information prevent effective
consumer choice or consider the impact of government regulations. In the
Policy and Strategy arm economists provide advice and support to other
parts of government on the impacts on competition of planned policies,
evaluate the impact of the OFT on markets, and commission relevant
research.
This
is high-profile work, often with immediate results. Questions that the OFT
has addressed in recent years include: Is the distribution system for
newspapers and magazines anti-competitive? How might the buyer power of
the largest grocery multiples impact on suppliers? What is the impact of
restrictions on the number of taxis? Should a merger between a two stock
exchanges be allowed to proceed? Are credit card default charges fair?
Understanding
the underlying economic theory of industrial organisation and consumer
markets is just the start. We need empirical evidence to test and confirm
the analysis, evidence that will stand up to public scrutiny.
Don't
feel daunted. Much of the relevant training is provided on the job. You
will learn rapidly how to apply theory to practical situations. We talk to
each other, share ideas and research through regular meetings and
seminars, and informally. If we don't know the answers we may fund
external research in areas where we need to develop cutting-edge thinking.
Recent examples include an assessment of the impact of buyer cooperation
on competition and the link between competition and productivity. Our
economists will have the opportunity to manage similar projects and also
to attend conferences on areas relevant to their work.
This
is a growing market. We now employ around 60 economists including our
Chief Executive, John Fingleton.
Assistant Economist starting salary is £29,691 with additional salary for a relevant MSc or previous experience
More
information
For further information about becoming an economist at OFT please contact Dr Amelia Fletcher on tel 020 7211 8784 or e-mail amelia.fletcher@oft.gov.uk. You can also visit the OFT website at www.oft.gov.uk.