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Answering member
X
Jim Murphy
Type
House
Session
Year
Department
Member
Primary member
Answering member
More
Murphy, Jim (5)
Legislative stage
Legislation
Subject
Publisher
The merger of HBOS and Lloyds TSB is a commercial decision for the boards and shareholders of those banks. We want stability in the UK banking system and protection for savers, mortgage holders, staff and businesses.
The merger of HBOS and Lloyds TSB is a commercial decision for the boards and shareholders of those banks. We want stability in the UK banking system and protection for savers, mortgage holders, staff and businesses.
Answered by
Jim Murphy
(Labour)
Asked by
Stewart Hosie
(Scottish National Party)
Answering body
Scotland Office
Type
Oral answers to questions
What discussions he has held with ministerial colleagues on the proposed merger of HBOS and Lloyds TSB.
Subjects
Banks; Mergers; Lloyds TSB; Takeovers; Halifax Bank of Scotland
Date
29 October 2008
Reference
481 c883
Chamber / Committee
House of Commons chamber
House
House of Commons
It is important that we have a wide conversation about Scotland's economy and Scotland's future. Again, the matters mentioned are for the boards and shareholders of those two great institutions.
Until now, the Scottish National party's argument about economics has relied entirely on oil and Iceland. Every family in Scotland knows that a household budget cannot be organised on enormous fluctuations in oil prices, which stood at $150 a barrel a year ago and now stand at $59 a barrel. Iceland as a country is on the verge of bankruptcy. On the particular point about the banks' merger, I should say that it is important that information should be available and that shareholders should make their decisions in an informed way.
It is important that we have a wide conversation about Scotland's economy and Scotland's future. Again, the matters mentioned are for the boards and shareholders of those two great institutions.
Until now, the Scottish National party's argument about economics has relied entirely on oil and Iceland. Every family in Scotland knows that a household budget cannot be organised on enormous fluctuations in oil prices, which stood at $150 a barrel a year ago and now stand at $59 a barrel. Iceland as a country is on the verge of bankruptcy. On the particular point about the banks' merger, I should say that it is important that information should be available and that shareholders should make their decisions in an informed way.
Answered by
Jim Murphy
(Labour)
Asked by
Stewart Hosie
(Scottish National Party)
Answering body
Scotland Office
Type
Oral answers to questions
I welcome the Secretary of State and the Minister to their new positions, and would like to put on the record the admiration that our party had for their two predecessors.
I thank the Secretary of State for his answer. The merger of HBOS and Lloyds TSB will, of course, have to be voted on by shareholders; I understand that the meetings will take place in mid and late November. I am sure that the Secretary of State will agree that all the information should be available to the shareholders before the votes take place. Will he impress on the noble Lord Mandelson, the Secretary of State for Business, Enterprise and Regulatory Reform, the need to publish the Office of Fair Trading report on competition in advance of the shareholder meetings?
Subjects
Banks; Mergers; Lloyds TSB; Takeovers; Halifax Bank of Scotland
Date
29 October 2008
Reference
481 c883-4
Chamber / Committee
House of Commons chamber
House
House of Commons
My hon. Friend is right: it is important that we should have such conversations with trade unions. That is why on the very day when my right hon. Friend the Chancellor made his announcement about bank recapitalisation, I invited both the trade union Unite and the trade union Accord to meet me at the Scotland Office in Edinburgh. We discussed the type of issues that my hon. Friend has rightly raised today.
My hon. Friend is right: it is important that we should have such conversations with trade unions. That is why on the very day when my right hon. Friend the Chancellor made his announcement about bank recapitalisation, I invited both the trade union Unite and the trade union Accord to meet me at the Scotland Office in Edinburgh. We discussed the type of issues that my hon. Friend has rightly raised today.
Answered by
Jim Murphy
(Labour)
Asked by
Ian Davidson
(Labour)
Answering body
Scotland Office
Type
Oral answers to questions
I congratulate the Secretary of State on his new position. Will he work with the Unite union to make sure that the jobs of those in the banking industry throughout the United Kingdom are protected? Spivs and speculators have been destroying jobs in the industry, and we do not want to lose any more.
Subjects
Banks; Mergers; Lloyds TSB; Takeovers; Halifax Bank of Scotland
Date
29 October 2008
Reference
481 c884
Chamber / Committee
House of Commons chamber
House
House of Commons
The right hon. Gentleman is absolutely right. There has been enormous UK taxpayer investment in saving those two great financial institutions. I think he will agree that only through the power and influence of a United Kingdom Government and a UK economy are we able to make such enormous investment in those institutions. Lloyds has confirmed that the HBOS part of the business will continue to use the Mound as its Scottish headquarters and that it will continue to publish Scottish banknotes. I remind the House again that there is currently only one offer on the table which can be considered by the board and the shareholders—and that remains a fact, regardless of any press speculation.
The right hon. Gentleman is absolutely right. There has been enormous UK taxpayer investment in saving those two great financial institutions. I think he will agree that only through the power and influence of a United Kingdom Government and a UK economy are we able to make such enormous investment in those institutions. Lloyds has confirmed that the HBOS part of the business will continue to use the Mound as its Scottish headquarters and that it will continue to publish Scottish banknotes. I remind the House again that there is currently only one offer on the table which can be considered by the board and the shareholders—and that remains a fact, regardless of any press speculation.
Answered by
Jim Murphy
(Labour)
Asked by
Lord Bruce of Bennachie
(Liberal Democrat)
Answering body
Scotland Office
Type
Oral answers to questions
Is the Secretary of State not forgetting that British taxpayers are about to become a shareholder in HBOS and that they should have a view on the matter? Given that competition rules are being set aside, is it not important to ensure that every possible option—including maintaining HBOS as an operating entity in its own right—is considered, to ensure that consumers have the full range of choice in the future?
Subjects
Banks; Mergers; Lloyds TSB; Takeovers; Halifax Bank of Scotland
Date
29 October 2008
Reference
481 c884
Chamber / Committee
House of Commons chamber
House
House of Commons
What discussions he has held with ministerial colleagues on the proposed merger of HBOS and Lloyds TSB.
What discussions he has held with ministerial colleagues on the proposed merger of HBOS and Lloyds TSB.
Asked by
Stewart Hosie
(Scottish National Party)
Answered by
Jim Murphy
(Labour)
Answering body
Scotland Office
Oral questions - Lead
Status
Answered
Tabled on
21 October 2008
For answer on
29 October 2008
Answered on
29 October 2008
The merger of HBOS and Lloyds TSB is a commercial decision for the boards and shareholders of those banks. We want stability in the UK banking system and protection for savers, mortgage holders, staff and businesses.
Subjects
Banks; Mergers; Lloyds TSB; Takeovers; Halifax Bank of Scotland
Date
29 October 2008
Reference
481 c883; 229809
Chamber / Committee
House of Commons chamber
House
House of Commons