After paragraph 12 of Schedule 7 to the 1998 Act (the Competition Commission) there is inserted—

“Annual reports

12A

(1)

The Commission shall make to the Secretary of State a report for each financial year on its activities during the year.

(2)

The annual report must be made before the end of August next following the financial year to which it relates.

(3)

The Secretary of State shall lay a copy of the annual report before Parliament and arrange for the report to be published.”