But the 29-year-old New Yorker says the premium you pay for the Express does not represent value for money, with no more legroom than a normal train and not even a complimentary coffee or tea.

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But Mr Carr says people will be content to pay more council tax because of its past record of value for money.

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Interest in things such as green products and healthy foods will continue to grow in a post-crisis world, but customers will be less willing to pay a premium for them, and will demand more value for money when they do.

ECONOMIST: Consumer psychology

In theory, if executive pay rose too high because it was set in a market dominated by cronyism (ie, a board of directors who are chums of the boss, who appointed them), then shouldn't a move to a system in which the board actually tries to get value for the shareholders' money result in lower pay?

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Miller insisted that it was for the BBC Trust to justify the pay-out and suggested that the National Audit Office might like to examine whether it was value for money.

BBC: UK Politics