The net effect will be to lock in the legacy insurance plans, handing the market the existing players.

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"We now need to ensure that the legacy of the funding has a long-term effect on improving standards and performance, " she said.

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In response, Mr Osborne would point instead to the difficult domestic legacy of the financial crisis, and the chilling effect on investment and bank lending from the crisis in the eurozone.

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Despite rising acrimony between Obama and congressional Republicans over the forced government spending cuts set to go into effect on Friday, Obama kept his remarks focused on Parks' legacy.

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