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OFT FINES: Contractors fined 1.14pc of their global turnover

The 103 contractors punished by the Office of Fair Trading today were hit with an average fine of £1.26 million.

The fine represents on average 1.14 per cent of the firm’s annual worldwide turnover, according to the OFT.

Without discounts the fine would have been £194.4 million meaning the OFT cut the total fines handed to the contractors by £64.9 million to reward those who co-operated in the inquiry.

Under law the OFT was entitled to fine up to 10 per cent of the contractors’ global turnover which would have led to a total fine of £1.3 billion for the 103 firms.