After much analysis and discussion, we came to the view some time ago that there was, in fact, an overwhelming case for regulation of some parts of this market, and that competition, such as it was, would not lead to an optimal outcome in terms of the public benefit.
In my remarks this afternoon I would like to set out why this is so and, in the process, I hope it will become clear why I introduced this talk by referring to Sir Thomas Gresham and his famous law.