The housing minister's 30-year housing transformation programme also included setting up a strategic housing unit, creating an independent regulator and establishing a States-owned housing company.

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Although there would be little direct competition for business between operators, their performance--in reducing costs per passenger mile, say--would provide information that a regulator could use when setting price caps.

ECONOMIST: The end of the tunnel

That is what I asked a regulator involved in the multi-jurisdictional investigation of banks involved in setting these bank-to-bank rates.

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