(Reuters) - Britain plans to streamline its antitrust regime by merging two existing bodies into a single competition and market authority, in a move broadly welcomed by business leaders.

An official list of public bodies facing reform said the government would consult next year on a merger of the Competition Commission with the competition functions of the Office of Fair Trading (OFT). The proposal would transfer the OFT's consumer and enforcement functions to another body.

The CBI welcomed the move on Thursday, which it said it had advocated. The heads of the two organisations also backed the proposal.

"The planned merger would improve the efficiency of the competition regime by cutting duplication," said Matthew Fell, CBI Director of Competitive Markets.