The figures come as the debate continues over how the press should be regulated in the wake of the Leveson Report and whether separate regulation in Scotland is practical or desirable.

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The answer lies in the emergence of a credible economic regulator (an internal appointment, separate from outside regulation of Lloyd's by Britain's Financial Services Authority).

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The RAIB's investigation is separate from the Office of Rail Regulation and the British Transport Police.

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Mr Clegg said he was "disappointed and surprised" Mr Cameron had walked out of Thursday's talks, but he said he had always taken a separate position from the PM on whether press regulation should be backed by law.

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The Privy Council was due to consider the plans on 15 May but it will now first consider separate plans proposed by some newspapers for self-regulation with a lesser role for the state.

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In a separate announcement on Friday the government announced plans for stricter regulation on surveillance powers of its agencies.

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But each country is still a separate market with its own peculiarities in language, culture, tax and regulation.

ECONOMIST: Fund management

Regulation of financial services and markets will be addressed in a separate paper, which will be published later this year.

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