The noose tightens

THIS week, Britain's trade and industry secretary, Stephen Byers, responded to endless complaints about excessive car prices in Britain by imposing new rules aimed at cutting around £1,000 ($1,500) off the price of an average showroom model. The huge disparity between British and continental prices has been the subject of many inquiries over the years. But the pressure on car makers has never been more intense than now. Indeed, Mr Byers's probe is part of a bigger European Union investigation that, according to documents leaked to The Economist this week, is to curb the sort of anti-competitive behaviour that has kept all car prices high.