5 february, 2014 fcs bristol. files/fcs_pdfs/events/regional... · (b) net balance of respondents...

5 February, 2014 FCS Bristol.

Bigger Picture session

FCS Regional MeetingHilton Hotel, Bristol,February 5th 2014.

Chris PatemanChief Executive Officer


The Bigger Picture

q Economic backgroundq FCS in 2014 and beyondq European Dimensionsq UK- government policyq Ofcom


Feb 2013: GDP projection based on constant nominal interest rates at 0.5% and £375 billion asset purchases.

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Spread of opinion within MPC


Nov 2013: GDP projection based on market interest rate expectations and £375 billion asset purchases




Chart 3.1 Bank staff projection for near-term output growth(a)

(a) Chained-volume measures. GDP is at market prices. The magenta diamond shows Bank staff’s central projection for the preliminary estimate of GDP growth for Q3 at the time of the August Report. The green diamond shows the current staff projection for the preliminary estimate of GDP growth for Q4. The bands on either side of the diamonds show uncertainty around those projections based on staff estimates of the root mean squared errors of forecasts for quarterly GDP growth made since 2004. As the staff projections are for the preliminary estimates of GDP, they can differ from those used to construct the GDP fans, for example that shown in Chart 5.1, because those fans are based on the MPC’s best collective judgement of the final estimate of GDP.



... As long as nothing goes wrong with the Euro zone


Chart 1.4 Selected ten-year government bond yields(a)

Source: Bloomberg.

(a) Yields to maturity on ten-year benchmark government bonds.


Chart 1.8 Lending to non-financial businesses, by size(a)

(a) Sterling and foreign currency lending, expressed in sterling, by UK monetary financial institutions (MFIs) to UK non-financial businesses, excluding overdrafts. Non seasonally adjusted.(b) Annual debit account turnover on the main business account of more than £25 million.(c) Annual debit account turnover on the main business account of less than £25 million.(d) All non-financial businesses are the sum of large businesses and SMEs.


Chart 1.7 Net lending by FLS participants(a)

(a) Data show cumulative net lending flows to UK households and PNFCs between 30 June 2012 and 31 March 2013 based on the Funding for Lending Scheme (FLS) measure of lending. See www.bankofengland.co.uk/markets/Pages/FLS/data.aspx. Data are non seasonally adjusted.5 February, 2014 FCS Bristol.

Chart 1.10 Loan rates offered to small businesses(a)

Source: FSB ‘Voice of Small Business’ Panel.

(a) Interest rates that small businesses that successfully applied for bank credit reported that they had been offered. Results have been re-weighted to exclude ‘unsure’ responses. For further details on survey methodology, see www.fsb.org.uk/frontpage/assets/q3%20vosb.pdf.


Chart 1.9 Indicative interest rates on lending to SMEs(a)

Sources: Bank of England, Department for Business, Innovation and Skills and Bank calculations.

(a) These indicative rates do not reflect the impact of cashback deals or fees. Data to end-September. Non seasonally adjusted.(b) Median by value of SME facilities (new loans, new and renewed overdrafts) priced at margins over base rates by four major UK lenders (Barclays, HSBC, Lloyds Banking Group and

Royal Bank of Scotland). Sterling and foreign currency lending, expressed in sterling.(c) Annual debit account turnover on the main business account of less than £1 million.(d) Annual debit account turnover on the main business account between £1 million and £25 million.


Chart 1.11 Quoted rates on household borrowing

Sources: Bank of England and Bloomberg.

(a) End-month rates. (b) End-month sterling quoted rates on different mortgage products and on unsecured personal loans. Weighted averages of rates from a sample of banks and building societies with

products meeting specific criteria (see www.bankofengland.co.uk/statistics/Pages/iadb/notesiadb/household_int.aspx).(c) Quoted interest rate on a £10,000 personal loan.(d) The two-year 90% loan to value (LTV) series is only available on a consistent basis to May 2008 and is not published for March to May 2009 as fewer than three products were offered.


Chart 3 CPI inflation projection based on market interest rate expectations and £375 billion asset purchases. Feb 2013.

Bank target rate


Chart 3 CPI inflation projection based on market interest rate expectations and £375 billion asset purchases


Chart 1.1 Bank Rate and forward market interest rates(a)


(a) The February 2013 and May 2013 curves are estimated using overnight index swap rates in the fifteen working days to 6 February 2013 and 8 May 2013 respectively.5 February, 2014 FCS Bristol.

Chart 1.1 Bank Rate and forward market interest rates(a)



Chart 2 Cumulative probability of unemployment having reached the 7% threshold

The November swathe in this chart is derived from the same distribution as Chart 5.8 and is conditioned on market interest rate expectations; the August swathe is that shown in Chart 5.11of the August Report and is conditioned on constant interest rates. The swathes show the probability that unemployment has reached 7% by each quarter of the forecast period. The5 percentage points width of the swathes reflects the fact that there is uncertainty about the precise probability in any given quarter, but it should not be interpreted as a confidence interval.


Chart A Indicators of when Bank Rate is expected to have risen

Sources: Bloomberg, Reuters and Bank calculations.

(a) Series is calculated as the first date at which one-month forward OIS rates equal or exceed 0.75%.(b) Reuters poll shows the median of economists’ expectations of the first rise in Bank Rate. This is based on a survey of economists’ responses to the question: ‘ When do you expect the Bank of

England to change rates next?’.5 February, 2014 FCS Bristol.

Chart 1.2 Indicators of when Bank Rate is expected to rise

Sources: Bloomberg, Reuters and Bank calculations.

(a) Reuters poll shows the median economists’ expectations of the first rise in Bank Rate. This is based on a survey of economists’ responses to the question: ‘When do you expect the Bank of England to change rates next?’.

(b) Series is calculated as the first date at which one-month forward OIS rates equal or exceed 0.75%.5 February, 2014 FCS Bristol.

Chart 2.1 Measures of economic uncertainty

Sources: CBI, CBI/PwC, Nexis, ONS, Times Newspapers and Bank calculations.

(a) Number of articles in the print editions of the Financial Times, The Independent and The Times that mention ‘economic uncertainty’. Data show a three-month moving average. Latest observation is October 2013.

(b) Percentages of respondents to the CBI manufacturing, financial services and consumer/business/professional services surveys reporting that uncertainty about demand is likely to limit investment over the next twelve months, weighted by shares in real business investment. Data are quarterly. Latest observation is 2013 Q3.


Chart 2.2 Household consumption and real income(a)

(a) Includes non-profit institutions serving households.(b) Total available household resources, deflated by the consumer expenditure deflator.(c) Wages and salaries plus mixed income less taxes (including income taxes and Council Tax) plus net transfers (general government benefits minus employees’ National Insurance contributions), deflated by

the consumer expenditure deflator.(d) Chained-volume measure.


Chart 2.4 Survey measures of household expectations

Source: Research carried out by GfK NOP on behalf of the European Commission.

(a) Net balance of respondents reporting that they expect their personal financial position to get better over the next twelve months.(b) Net balance of respondents reporting that they expect the number of unemployed people to rise over the next twelve months.(c) Net balance of respondents reporting that they expect the general economic situation in the United Kingdom to get better over the next twelve months.


Chart 2.6 Business investment and surveys of investment intentions

Sources: Bank of England, BCC, CBI, CBI/PwC, ONS and Bank calculations.

(a) Chained-volume measure. Data are to 2013 Q2.(b) Data are to 2013 Q3. Includes survey measures of investment intentions from the Bank’s Agents, BCC and CBI, scaled to match the mean and variance of four-quarter business

investment growth since 1999. Measures weight together sectoral surveys using shares in real business investment. Bank’s Agents’ data cover the manufacturing and services sectors. BCC data are non seasonally adjusted and cover the non-services and services sectors. CBI data cover the manufacturing, distribution, financial services and consumer/business services sectors.


Chart 4.7 Companies’ expected changes in prices and wages(a)

Sources: CBI (all rights reserved) and ONS.

(a) CBI data for the manufacturing, business/consumer services and distribution sectors, weighted together using nominal shares in value added. Companies are asked for their expected percentage changes over the next twelve months for: their firm’s wage/salary cost per person employed (including overtime and bonuses); their own average output price for goods sold into UK markets; and the general level of prices in the markets in which they compete.


Chart 2.9 Successive IMF projections for growth over 2013–14 in selected emerging economies(a)

Source: IMF WEOs.

(a) Growth over 2013–14 is calculated by compounding the growth rates for 2013 and 2014.


Chart 3.6 Company liquidations in England and Wales and an estimate of loss-making companies

Sources: Bureau van Dijk, The Insolvency Service and Bank calculations.


Chart 2.8 Public sector net borrowing(a)

Sources: Office for Budget Responsibility and ONS.

(a) Measures exclude the temporary effects of financial interventions and the projected effect of the transfer of the Royal Mail’s existing pension liabilities and a share of its pension fund assets into public sector ownership.


Chart 3.3 GDP and sectoral output(a)

(a) Chained-volume measures. GDP is at market prices. Indices of sectoral output are at basic prices. The figures in parentheses show 2010 weights in gross value added.


The Bigger Picture

q FCS in 2014 and beyondq European Dimensionsq UK- government policyq Ofcom


FCS in 2014q 376 member companies

q 57% in fixed/IP sectorq 29% in Business Radio and spectrumq 13% mobile and equipment

q 66 Associates including FITAS members, BT Retail,.q Sector groups:

q Business Radioq Billingq Critical National Infrastructureq Fixed service providersq Fraudq Installersq Mobile 200q Mobile Takeback Forumq Numberingq VoIP

q Cross sector groups:q Communications Act Working Groupq FCS Industry Forumq Spectrum Strategy Group

q E-mail briefing groups including health, spectrum, PRS/NGCS, mobile interestq Details on www.fcs.org.uk contact [email protected]


FCS in 2014q Fixed line / telephony/ WLR sector groups:

q Dedicated resource in Cathy Gerosaq Comms Provider 13 focused successfully on commercial value and fresh ideas. (CP14: September 17)q Engaged with Ofcom on setting Openreach performance targets for BUSINESS customersq Regional forums in Bristol, Manchester, Birmingham, Belfast, Perth, Leeds and Southampton

q Business Radioq Dedicated resource in Tim Cullq Increasing engagement from CNI community around FCS ‘public interest’ campaign and FCS1331.q Business Radio 13 our best ever (BR14: November 13, Heritage Motor Centre, Gaydon)q Regional forums in Derby, London and Belfast

q In-vehicle radio / installersq Dedicated resource in Jason McComb.q Best ever Comms Installer event, (May 9, Forest of Arden).q FITAS scheme achieves framework approval for blue light and public sector tendersq FITAS training programme revisited to better suit the needs of busy installer community.

q Cross sector issues:q Communications Act Working Group – redundant, says DCMS. GPL switching. PSN.q New EU Legislative Framework – increased bureaucracy for re-sellers and wholesalers.q Revised WEEE directive – increased bureaucracy for everyone.

q Details on www.fcs.org.uk contact [email protected]


FCS in 2014Officially launched in January 2013:

An agreed standard format for Call Detail Records. Version 2.1 goes live on April 1 2014.

Hosted by FCS.

RID_Monthly_Calls_31012013_SEQNUMBER_RECRDCOUNT_V1.txt”v”,”0”,”01999887000”,”01732353495”,”28012013”,”10:37:23”,”233”,””,””,”Hampton”,”UKLocal”,”Peak”,”0.8”,”0.8”,”654”,”01999887665”,””,”UKL”,”TalkTalk”,””,”S”,””,””,””,””,””,””,””,”77879”

Is a report for a CP with RID code RID for a single call made in the month ending 31/01/13. The call is a voice call from a fixed line 01999 887000. The number 01732 353495 was dialled on January 28 2013 10.37.23, and the call lasted for a total of 233 seconds. The number called is at Hampton, the billing rate for the call is UK Local, and the Peak time band applies. This rate is charged at 0.8p per second, and no bundle discount applies. The caller’s extension is 654, and his direct-dial number is 01999 887665. The carrier was TalkTalk, the bill attracts standard rate VAT and the CDR provider’s unique internal reference is 77879. The number of blank fields (“”) can be used to contain additional data for mobile data calls, refunds or country of origin data, or for recording ring-times or diverted number details.


2013: a year of consolidation

• Openreach service level improvement• FITAS two-day ‘fast-track’ programme• Reserved spectrum for CNI• CISAS as a benefit of membership• Renewed engagement with TUFF• Renewed engagement with PICTFOR• Renewed engagement with DPA

2013: a year of progress

• Special Phone Book Entries resolved• All-industry CDR standard• FCS1362 on GPS vehicle framework• All-industry push-back on GC18• Business lines migration referred to EOA• Fast-track to BDUK voucher scheme• FCS1331 sets a standard for radio shared

sites

2013: a year of convergence

• PhonepayPlus discussing OTT app fraud• TUFF discussing Citroen SIM card fraud• Business Radio back-hauling over fibre• Tetra under pressure by LTE over MNO• Gaining-provider led switching agenda• Billing group draws in new stakeholders• Spectrum campaigning takes in E-band• Renewed interest in DECT guard band

So -- what about tomorrow?• Staff Training and development.• Greater end-customer engagement: FITAS

website, FCS1331, FCS codes of practice and membership commitment.

• More ‘Digital Europe’ policy work: the internet or e-commerce agenda can no longer be differentiated from broader commsissues. Nor ‘telecoms fraud’ from cyber-crime

• Greater intimacy with Ofcom. • Keep running the roller over the playing

field

FCS in 2014

CISAS Alternative Dispute Resolution service free of charge to FCS members.

Access to private banking: Preferential rates for cash on deposit; X£30k business development loan; XPersonal loan facility for you and your staff.

Career development: Customer service trainingComms Act demystificationApprenticeship partnershipsCredit control? MS Office? Senior staff programme?


FCS into 2015FCS has always ‘punched above its weight’. To get to the next level, we need to

articulate the ‘bigger picture’ arguments: why competitive markets are a good idea; why comms are important to UK plc; why regulation is not an end in itself; why our industry needs business-friendly government policies…

Access to public sector: PSN framework for SME CPsBDUK voucher scheme for local CPs

Strategic positions: FCS membership as a badge of integrityClose relationship with FSBCareer development ticks Gov’t boxes:Comms as the ‘fifth utility’.Responsible CSR re end-of-life issues.


Into 2015 – on the right track?


Angry Birds demand spectrum


‘But what about the vulnerable?’

Non-linear TV viewing crosses the 50% Rubicon, and LLU bundling accelerates with BT Sport. But TV spectrum remains an almost unchallenged ‘public good’


Premium rate revenues


Europe- Digital AgendaPriorities for Neelie Kroes- Vice President European Commission

EC 2020 strategy for high employment, low carbon economy, higher productivity and social cohesion

Europe ICT = £540 billion pa= 5% EU GDP for 500 million people

This EU Parliament commenced July 2009. Ends May 2014.

All EU citizens to § Have access to basic broadband internet by 2013 and above 30 Mbps by

2020 with 50% access to above 100Mbps § Use their mobile phones as a mobile wallet§ Have access to all public services online by 2015


Europe- Digital Agenda

Plan covers all aspects of the digital single market and focuses on the major sticking points for cross border trade

q Transport and connectivityq Contentq Consumer issues, particularly trust and

security including data protection


Europe- Digital Agenda

q Digital content- collective Rights Management, audio visual content, copyright

q E-commerce- review of e-signature Directive; strategy to stimulate Cloud Computing

q Consumer trust- revised data protection directive, ADR and online dispute resolution, online rights code, services directive guidance

q Single market- roaming regulation III, cost of non Europe to telecoms market

q Interoperability and standardsq Trust and security- new EU strategy on network and information

security, on-line safety and privacy, protection of critical infrastructure, new EU Cybercrime centre


Neelie’s ‘Connected continent’• Mandatory access to competitive wholesale

products on all EU national networks for telcos based in other member states.

• A single once-off registration/accreditation process so if you’re a CP in one country you can automatically offer services to customers in another.

• “You should not accept complaints that this package is bad for companies. It absolutely is not. They would get a single authorization, quicker and easier access to spectrum, regulation of fewer markets, stable copper prices, one set of consumer rules to follow, a cheaper way for them to get rid of roaming premiums… It is a long list and a good one.”

•5 February, 2014 FCS Bristol.

Neelie’s ‘Connected continent’• “The cost of providing data will get cheaper faster than regulation

can keep up – price reductions will become a losing game. So the first new step is to ban incoming call charges from 2014. The second new step is to offer companies a cheaper way to deliver EU-wide ‘Roam Like At Home’ plans. If they do this from 2014, they enjoy lighter European regulation

• “If your operator does not offer ‘Roam Like At Home’ – you the consumer can take control. You can choose a domestic price plan from the country you travel to when you get there. You don’t need a new number or second bill. It will be possible from your phone.

“Current trends are unsustainable for the sector, and unsustainable for our whole economy. Without the infrastructure to compete, we aren't going anywhere – in any sector.

We hurt consumers, we hurt the economy, we hurt our strategic future if we do not act.

This is no longer about little fights on individual issues. The point is the big picture, and the fact that we are all connected.”

Connected Continent. https://ec.europa.eu/digital-agenda/en/news/regulation-european-parliament-and-council-laying-down-measures-concerning-european-single


EU Radio Spectrum Policy Programme

q Confirms the importance of market based approach to spectrum management

qMember States to release co-ordinated 800 MHz and 2.6 GHz spectrum by end 2012

q Aims to identify spectrum for future wireless broadband demand

q Cross EU spectrum review- inventory and assessment of efficiency

q EU seeks to have a seat at future WRC, but Member States not keen

qWRC 12 agreed studies for a mobile allocation in 700 MHz band to be confirmed at WRC 15


Europe- BERECEC must take ‘greatest account’ of BEREC- Ofcom likely to agree

with BEREC recommendations- BEREC consults stakeholdersNeelie Kroes’s Connnected Continent document proposes a properly appointed chairman

with a three-year term of office – turning it from talking shop to policy voice.

2013 themes: q Common positions on cross-border fraudq ‘Local’ SMP monopolies under scrutinyq Legacy approach to regulation (‘Market 1’; ‘Market 7’ etc)

NO MENTION OF: q How member states regulate oligopoliesq SMP of mobile phone companiesq Value of reseller-led competitionq The huge differences between Europe’s ‘competitive’ national telecoms markets


UK government

q Telecoms and spectrum policy sits in DCMSq Equipment and business policy sits in BISq DCMS Minister is still Ed Vaizeyq Government is still reducing expenditure on

civil serviceq DCMS focus has been on qRoll out of mobile and fibre broadbandq CONSUMERS (ie: voters -- not small businesses)


New Communications ActFCS Communications Act Working Group input to Government- June 2011

q Comms Act 2003 is unwieldy:Ø Simplify the next Comms ActØ Remove all spectrum clauses to a single Wireless Telegraphy ActØ Remove PRS clauses- regulation of the mobile wallet should be by FCAØ Redefine a “consumer” as an individual, rather than including small businessØ Introduce a proportionate and speedy appeals regime for all industry participantsØ Add in a new body- a self/co-regulatory body set up by Ofcom

q Ofcom:Ø Independent regulator but should be subject to government policy where national

interest dictatesq Co-regulation to support the multi-supplier market

Ø All stakeholders involved in process decisionsØ Transparent Ø Single point of contact for Ofcom


New Communications ActFCS Communications Act Working Group input to Government- June 2011

q Platform neutral regulationØ Same principles of utility regulation for all infrastructure and platformsØ Long term solution is a “fat pipe” available for wholesale access

q Fair and competitive access to platformsØ Enable new and small players to deliver services

q Effective enforcement targeting fraud and criminality- clear guidance on compliance

q General Conditions- keep but rationalise the definitions to avoid current confusion

q Proportionate appeals mechanism against Ofcom decisions that is not too expensive for smaller players


“Thanks for all the ideas, but we rather like the Comms Act”

Ed Vaizey, Minister for Culture, Communications and Creative Industries

Maria Miller, Secretary of State for Culture, Media and Sport5 February, 2014 FCS Bristol.

Is it just me?

Senior Undersecretary to the Minister for Magic

Secretary of State for Culture, Media & Sport


...or is it them?

Evil half-human toad creature intent on world domination

Minister for Culture, Communications and Creative Industries


New Communications Strategy ‘Connectivity, Content and Consumers’ -- Britain’s digital platform for growth

• Rehash Of ideas which had already been widely trailled in OFCOM or DCMS pronouncements.

• GrowthIs seemingly to be delivered by consumers who watch streamed videos and movie-makers who sell films to rich foreigners

• BroadbandIt’s what BT do, isn’t it? Give them some more money.


New Communications Strategy ‘Connectivity, Content and Consumers’ -- Government themes:

• Broadband • Government points to the £1.6bn of public funds being invested in superfast

broadband, red tape is being removed, 4G auction has been completed and digital inclusion will continue to be supported.

• Post 2015 government will work in partnership with industry experts to develop a UK strategy for our digital communications infrastructure from 2015 to 2025.

• Principle of equivalence for fibre-based products.


New Communications Strategy Government themes:• Safety

• A lot of the achievements are a rehash of recent announcements – more funding and expanded role for IWF, adoption of splash pages and search engine blacklisting of terms, one click network parental control filters and default Wi-Fi filtering. Greater awareness of privacy is also mentioned as is a common framework for media standards;

• Of note, Government now says that it expects “smaller ISPs to follow the lead being set by the larger providers”, wants filters to be improved and refined and mobile providers should look at improving its offering so that filtering is done by handset rather than contract.

• ‘Self regulation’ by round table Ministerial chats with cabal of key stakeholders: dangerous precedent for democracy.


New Communications Strategy Government themes:• Consumer issues

• Switching, which Ofcom has been working on for a number of years, will move to a gaining-provider led approach across all technology platforms. Sometime.

• Government will legislate to give Ofcom a duty to ensure a consistent and effective approach: GPL switching for ‘bundles’.

• On-going work around nuisance calls, premium rate services and Ofcom appeals is also referenced.

• On traffic management Ofcom will be working with internet providers to make policies more transparent on a voluntary basis, if evidence shows that this is not happening Ofcom will act to require operators to make their traffic management policies more transparent. Government will consult on ex-ante competition for broadcasting.


New Communications Strategy Government themes:

• Copyright

• Continuation of work to support IP enforcement, including through advertising networks, payment facilities and law enforcement;

• On website blocking following injunctions under the CDPA, DCMS says that the court process is becoming streamlined and so legislation that largely duplicates this has now been removed.


New Communications Strategy Government themes:• Spectrum

• Commitment to ‘market based management tools’• Incentive auctions• Dynamic Spectrum Access database licencing.• Monetary penalties for breach of WTA licence conditions

• Government persists with ‘no reserved spectrum for CNI’; clear direction to abandon Airwave for emergency services and Gaderene ‘all be alright on the night’ commitment to LTE with MNOs.

• 700MHz being earmarked for son-of-4G auction. Same approach; same target bidders.

• Ongoing commitment to TV broadcasting takes no account of increasing migration to streamed content and non-linear viewing.


New Communications Strategy Government themes:• Ofcom•• Escapes close scrutiny once again, as an ‘economic regulator’ – though PPP falls

within new accountability regulations

• Government commits to new proportionate appeals mechanism; ‘Ofcom as judge and jury’ recognised as a sub-optimal condition.


Broadband deliveryBroadband gap- between urban and rural areas. Public Accounts Committee now taking a

detailed interest in how contracts are spec’d and let for the ‘final third’. Especially the inverse-square law of FTTC vs business postcodes.

Government encouraging local communities to set up own projects to build own fibre or wireless networks (but loath to fund them)

Broadband delivery UK- has £530 million state aid available to help local projects –( ie: give BT money to do what they would eventually have done anyway.)See https://www.connectionvouchers.co.uk/bristol/registered-suppliers-in-bristol

£150 million from Government to increase mobile coverage£100 million for 10 – now 23 -- cities to become super connected£50m earmarked for ‘Broadband Voucher’ incentive for SMEs to upgrade their comms

Co-ordination - need for co-ordination across all local projects and access by CPs to local pipes to deliver service

HoL- inquiry- will superfast broadband meet the needs of a “bandwidth hungry” nation? Rather like asking whether two lanes will be sufficient for the M25.


Ofcom in 2014FCS response to Ofcom’s 2014-15 plan:q Still thinking in silosq ‘Defender of the citizen’ is the role of DCMS (which is accountable to

citizens, via Parliament), rather than Ofcom (which is not)q Small businesses are not ‘citizens’ and should not continue to enjoy

the same level of protection as private individualsq FCS repeats request for new projects:

q Far more demanding ‘proxy for competition’ KPIs for Openreach SLAsq ‘WLR4’ – wholesale equivalence for BT’s fibre productsq Implementation of powers to block numbers associated with fraud or misuseq Business services review to include small businessq Mandate 999 call-handling centres to prepare for e-call

q Reserved spectrum for Critical National Infrastructureq Need to focus on retail competition, not solely on infrastructure.



Thank youAny questions?

Chris [email protected]



Thank youAny questions?

Chris Pateman

http://www.thetestpad.co.uk/design-concepts/Index.php?p=fcsd3signs


5 february, 2014 fcs bristol. files/fcs_pdfs/events/regional... · (b) net balance of respondents...

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