Font Size

Government acts on HBOS - Lloyds TSB merger proposals P1

 By


Business Articles
Submit Articles   Back to Articles

Released 18 Sep 2008

The Secretary of State for Business and Enterprise John Hutton today announced his intention to issue an intervention notice in the proposed merger of HBOS and Lloyds TSB on public interest grounds to ensure the stability of the UK financial system.

Under Section 42 of the Enterprise Act 2002 the Secretary of State can extend public interest grounds. The Secretary of State will lay the necessary affirmative Order in Parliament when the House returns after Summer recess. Currently public interest grounds cover only plurality of media ownership and national security. His decision follows advice from the UK Tripartite Authorities (HM Treasury, Bank of England and the Financial Services Authority).

Note

1. The Department for Business Enterprise and Regulatory Reform helps UK business succeed in an increasingly competitive world. It promotes business growth and a strong enterprise economy, leads the better regulation agenda and champions free and fair markets. It is the shareholder in a number of Government-owned assets and it works to secure, clean and competitively priced energy supplies


About the Author

Crown Copyright. Material taken from the BERR- Department for Business, Enterprise and Regulatory Reform replacing DTI - Department for Trade and Industry. Reproduced under the terms and conditions of the Click-Use Licence.


Follow us @Scopulus_News

Article Published/Sorted/Amended on Scopulus 2008-09-20 07:42:12 in Business Articles

All Articles