That's a further reason for consolidation. But these are market forces. We as regulators must ask ourselves whether regulation itself is such as to induce consolidation, without any explicit prudential reasons to do that.
It is not clear whether these two groups would have the same effect on demand: both need to feed, clothe and house themselves, but both have different incomes and different propensities to spend and save. Another source of uncertainty affecting the outlook for supply is productivity growth. That is especially hard to forecast at any time. What signal can we take from recent developments?