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OFT raps retailers over VAT cut behaviour

The Office of Fair Trading has written to leading fashion retailers warning them to be 'mindful of competition law' after they co-operated with each other last month to issue a statement on how they planned to pass on the 2.5% VAT cut to consumers.

According to The Times newspaper the OFT was concerned that discussions over the timing of the price cuts bordered on collusive behaviour.

Last month Sir Philip Green's Arcadia Group issued a statement on behalf of several retailers including New Look, Next, Mosaic Fashions and Marks & Spencer, detailing their plans to pass on the VAT cut via a discount at the till.

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