SNP MSP Alex Neil – a member of the Scottish
Parliament's Finance Committee – has welcomed today's editorial in the Financial
Times which calls on investors to block the proposed takeover of HBoS by
Lloyds-TSB.

In the FT the editorial says:

"Conceived in the crucible of the financial crisis
eight weeks ago, the proposed takeover of Halifax Bank of Scotland by
Lloyds TSB now looks hasty, maybe even ill-judged. On competition grounds alone,
there was a strong case to block a merger that would restrict choice for
UK savers and borrowers. That was before the
government, with its £400bn taxpayer-funded rescue of the banking industry,
undermined the logic of a private sector deal that was supposed to avoid another
nationalisation. In these changed circumstances, investors are right to ask
whether HBOS would be better off if it remained independent."

Commenting on this call Mr Neil said:

"This is a very welcome development – the opinion of
the FT is highly significant with a renowned international reputation. Their
intervention could be decisive. 

"For me the crucial issue is protecting jobs and
decision making in Scotland, and the takeover must be judged on that
basis.

"Thousands of families with members working for HBoS
across the UK will already be cheering on the initiative by Sir
George Mathewson and Sir Peter Burt. This latest development from the FT adds to
the pressure for the takeover deal to be revisited.

"With the circumstances totally changed since the
original takeover proposal the momentum is moving towards the deal being
scrapped and this can only be a good thing for jobs and decision making in
Scotland."