More support for HBOS jobs

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."