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Who is right? Alan Bollard or the utility companies and other businesses?

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Business leaders have bit back at Reserve Bank Governor Alan Bollard after he took a swipe at oil companies, power companies, local authorities and banks, among others, for not pulling their weight in these hard economic times.

In a speech entitled "Everyone needs to play their part" yesterday, Dr Bollard called for price drops for almost all life's essentials. Food, electricity and petrol could all come down in price, he said.

But leaders in the major industries returned fire last night, rejecting the criticism.

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