Deregulation.

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Presentation transcript:

Deregulation

Introduction Timeline: 1980s (privatisations). 1990s : deregulation. The process is going on. removal of government controls from a sector Open a sector to competition Advantages : Cost savings Reduced bureaucracy Consolidation Disadvantages : consumer protection, social and environmental risks, volatile prices, risky operations, oligarchy. Need of regulators: ex Ofgem (office of gas and electricity markets)

1. THE AIRLINE SECTOR 1987 : public flotation of BA shares 1990s : lower fares, efficiency gains, consolidation of BA (TAT European, Deutsche BA, Qantas) New competitors : Virgin Atlantic, Ryan Air, Easyjet

2. THE TELECOMS SECTOR 1981 : Post Office Telecoms becomes BT. Entry of Mercury Telecoms 1984 : BT privatised. 1990s : new licences for new operators 2003 : abolition of licences. 2006 : abolition of price caps.

3. The Electricity market Dates : UK 1990-1998 / EU 2004-2007 1947 : nationalisation of the electricity market. 1990 : privatisation of electricity producers except nuclear assets. 1990-1998 : opening to competition from business to retail consumers. 2001 : liberalisation of prices with NETA 1998-2003 : Europe’s lowest electricity prices

Pitfalls in the ENERGY sector Collapse of nuclear in early 2000s Renewable projects abandoned. (so Return to regulation : 2002 renewable obligation) New oligarchy: EDF, E.On, Npower, ScottishPowerBusiness, Scottish&Southern

4. Transportation : railways 1948 : formation of British Rail (state-owned) 1980s : cuts in government funds 1987 : Privatisation of Railtrack and British Rail. Vertical separation : railroad infrastructure/passenger operations (25) Regulator : Office of Rail and Road

major security problems : October 4 1999: A crash at Paddington October 17 2000: Four people are killed in a derailment at Hatfield. 2003 : Potters Bar crash. 2002 : Railtrack sold to Network Rail 2003 : Railtrack brought maintenance back in-house. Rising prices with cuts in government funds.

5. BREXIT and regulation BREXIT vote: anger with deregulation. Yet BREXIT may increase deregulation. EU fears : fiscal dumping. Lower labour regulations. UK : February 2017 Great Repeal Act. City of London : no longer subjected to bonus caps (2011). Yet draft agreement compels it to implement EU regulations.