Government acts on HBOS - Lloyds TSB merger proposals P1
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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).
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
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
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Article Published/Sorted/Amended on Scopulus 2008-09-20 07:42:12 in Business Articles