Asked if the Government would give the go ahead to the HBOS/Lloyds merger, the PMS said that there would be an Office of Fair Trading report published today and that it was for BERR to respond to that report. As we had said at the time of the merger, the Secretary of State for Business would modify legislation affecting takeovers so that the stability of the UK financial system could be taken account of in consideration of the public interest. Section 42 of the Enterprise Act 2002 allowed the Secretary of State to extend the grounds for considering public interest and on 7 October BERR laid an Order in Parliament to enable Ministers to intervene and make decisions on mergers that may impact on the UK’s financial stability. The Order had been approved by Parliament and came into force on 24 October.
Briefing took place at 11:00 | Search for related news
Original PMOS briefings are © Crown Copyright. Crown Copyright material is reproduced with the permission of the Controller of HMSO and the Queen's Printer for Scotland. Click-use licence number C02W0004089. Material is reproduced from the original 10 Downing Street source, but may not be the most up-to-date version of the briefings, which might be revised at the original source. Users should check with the original source in case of revisions. Comments are © Copyright contributors. Everything else is © Copyright Downing Street Says.
Contact Sam Smith.