On the supply side, producers can start by selling their superior new product at a loss: if it really is superior, the market will adopt it and move across.

ECONOMIST: Economics Focus: Lock and key | The

In an industry which has seen costs rocket and the value of its product tumble over the last 18 months, producing at less of a loss is welcomed.

BBC: Richard Downes

The Merrill product, in contrast, yields a pure long-term gain or loss taxed at 15%.

FORBES: Another Option