Julian, you’re quite right and being subject to a higher tax regime when you come to claim your pension would be a big blow. But tax rates can also come down and indeed the large increases in the Personal Allowance over the last few years have made pensions more attractive. I wouldn...
Entry may simply have not been viable for rivals to enter under the existing technological regime. With the advent of new cost-lowering technology, the threat of entry becomes real. Entry, and even the threat of entry (a form of contestability), can seriously erode strategic autonomy and ...