Greater cross-border access to audiovisual (AV) content and services, as outlined in the European Commission’s Digital Single Market strategy, is likely to be significantly detrimental to European consumers and the AV industry in Europe, as well as to international AV businesses that are active in Europe.
The Directorate General for Internal Market and Services and the Financial Services User Group (FSUG) commissioned Oxera to conduct a study on crowdfunding with financial returns in Europe. We were requested to undertake the study from the perspective of the user—the investor, rather than the fundraiser—and to include equity crowdfunding and peer-to-peer (P2P) lending.
VocaLink commissioned Oxera to provide a review of the opportunities for greater competition and innovation in payment systems in the UK, in the context of VocaLink’s own vision for change in the UK payments landscape. The report will be used as evidence to inform the PSR’s market review into the ownership and competitiveness of the provision of infrastructure services.
VocaLink commissioned Oxera to provide an independent review of potential governance and ownership models for VocaLink. In the context of expected changes in the payments market and the risks these present to VocaLink, Oxera was asked to examine the extent to which these risks can be mitigated by alternative governance and ownership models.
In this report for Ofwat, Oxera considers the potential benefits and costs of different indexation options. The options range from no change, a change to the indexation of revenues only, a change to the indexation of both revenues and the regulatory capital value (RCV), and options which involve different proportions of the RCV continuing to be linked to the retail price index (RPI).
The rail sector has an important role in providing employment and ensuring long-term benefits to the Scottish economy. Oxera was asked by Transport Scotland and the Rail Delivery Group to quantify this whole-industry impact, presenting a variety of metrics that assess the sector’s contribution today, and how that contribution has increased since devolution of rail powers to the Scottish Government in 2005.
The report builds on Oxera’s work for the Rail Delivery Group in 2014 and 2015 on the contribution to the UK economy of the GB rail sector.
Oxera, together with Arup, has prepared an assessment for the Office of Rail and Road (ORR) of the expected impact of four options proposed by the Competition and Markets Authority (CMA) for increasing on-rail competition between passenger services in Great Britain:
Option 1: increasing the role of open access operators (OAO), alongside franchises;
Option 2: having two competing franchise operators in each franchise area;
Option 3: having more overlapping franchises, such that there is more scope for on-rail competition between franchises;
Option 4: licensing multiple operators on each route.
In the UK—and several other major economies—productivity growth has fallen below its long-term trend. One likely culprit is an increasing gap between the most productive firms and the rest. Patrick Nolan, Principal Advisor, New Zealand Productivity Commission, discusses whether the problem is a slowing of the pace at which innovation spreads throughout the economy or, as the OECD puts it, a ‘breakdown of the diffusion machine’. He also asks how the diffusion of innovation might be encouraged
Conducting competition and regulatory policy well is hard, but the economic benefits can be substantial. In small-island economies, such as Jersey, competition policy, and regulation where competition is not possible, faces particular challenges. However, it is just as important that markets work well as it is in larger economies.
The States of Jersey set up the Jersey Competition and Regulatory Authority (JCRA) as a regulatory body in 2001 and as a general competition authority in 2005. The Government of Jersey commissioned Oxera to review the JCRA and the regulatory and competition framework applied in Jersey.
There has been increasing political and regulatory interest in the role of platforms in Europe’s digital economy. In May 2015 the European Commission published its strategy to develop a Digital Single Market for Europe. As part of its strategy, the Commission has committed to analyse the role of online platforms. In this context, Google asked Oxera to consider how online platforms could be defined, and to assess how both consumers and businesses interact with, and benefit from, online platforms.
This report contributes to this debate by answering two key questions:
• what is the definition of an online platform?
• what value do online platforms provide to European consumers and businesses?