In the evening news Stations 2 Last night, the issue was discussed that the cost of running regulatory bodies had increased by many hundreds of per cent in recent years, and an interview was conducted with Orri Hauksson, managing director of the Federation of Industry, on the matter. The Competition Authority was one of the bodies discussed. A report on the same subject appeared in the Fréttablaðið newspaper today.
On this occasion, it is worth noting that funding for the Competition Authority's core projects has been cut by 20% in real terms since the crash. This does not include the minor funding for new projects that have been entrusted to the Competition Authority. The cut amounts to around 25% if funding for the next two years is not included.
Since the crash, the Competition Authority has repeatedly argued for the importance of addressing the difficult situation facing businesses and consumers by increasing its funding. It is recognised that measures to promote competition are a simple and inexpensive way to respond to an economic crisis, build a strong business sector and thus lay the foundations for a robust economy. At the same time, it prevents the damage from the economic collapse from being passed on to the public in the form of higher prices and poorer quality goods and services. The Competition Authority has also demonstrated an increased workload, which stems from the current business climate.
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