HALIFAX BANK OF SCOTLAND AND LLOYDS TSB

That this House recognises the widespread concern throughout the United Kingdom at the takeover of Halifax Bank of Scotland (HBOS) by Lloyds TSB; notes the warning by the Office of Fair Trading that small and medium-sized businesses, and people with current accounts and mortgages, could suffer from a reduction in competition arising from a takeover; shares the concerns of the Chancellor of the Exchequer that jobs are at stake at a time when the United Kingdom is predicted to go into recession; further notes that estimates show tens of thousands of jobs could be lost across the United Kingdom as a result of any merger; welcomes the recapitalisation plans announced by HM Treasury in October 2008 and considers that they have fundamentally changed the landscape under which competition rules were waived to enable a merger between Lloyds TSB and HBOS; and further notes the recent announcement on 14th November 2008 that an independent HBOS would only require a marginal additional sum to maintain independence, namely a four per cent. increase over the earlier recapitalisation amount and that weighed against the effects of competition and tens of thousands of jobs, an independent HBOS solution may be in the best interests of shareholders, employees, customers and the economy at large.