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This offers, for the first time, a comprehensive analysis of the legal duties which apply to the regulators of privatized industries, transport, civil aviation and independent television in the United Kingdom, with detailed accounts of how these duties have been put into practice by the regulators. There is an assessment of the philosophy behind these principles, and an account of the principles which can be derived from the law of the European Union, which are relevant to regulators' work. Particular emphasis is placed on the interaction of the encouragement of competition, the encouragement of economic efficiency and the implementation of social goals such as the provision of universal public service, and the way in which these various principles interact.