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Treasury says move strikes balance between the market and consumers

Treasury financial secretary Ruth Kelly says the Government&#39s decision to set the price cap at 1.5 per cent strikes a balance between market economics and the interests of consumers.

She says that, to inform its decision, the Government commissioned research by Deloitte on the market impact of a range of price caps.

She says: “The 1.5 per cent cap for the first 10 years will allow the cost of basic advice to be incorporated within the product charges while maintaining excellent value for consumers. We will be reviewing the effects of the cap in 2008, to consider whether the market has developed such that there is significant price competition.”

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