Mr. Brian McHugh:

On the pain consumers are feeling, we are very aware of it. One of our roles is financial education, budgeting around Christmas and credit. We are very aware of the situation consumers find themselves in and we advise consumers on it and work hard on it. We will always come back to competition as the factor that will ultimately drive the best price for consumers. We are always really focused on whether markets are competitive and what we can do to make them more competitive. I fully understand - I think Mr. Barry has touched on it as well - that as the Chair goes back to his constituents who are really suffering this Christmas, we know this is not going to solve their problem. It is not going to address what they are feeling, which is very real. We, as an organisation and a team, work very hard to boost consumer welfare. That is what we are focused on and we will continue to do that in whatever way we can that will make a difference.

On loyalty programmes and vouchers, the Chair asked if we are comfortable with them. I think the answer is "No, not necessarily". We think they raise interesting questions and they are something we look at. We are wary of intervening because some consumers really like these but they raise questions. The market will always evolve and change and as a consumer authority, we always have to evolve, see what is happening and make sure we consider what is ultimately in the best interests of consumers. We have not intervened or called for a big change or some intervention to prevent businesses from providing various forms of discounts, loyalty schemes, etc., but it is something we look at carefully and will continue to monitor.