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Salmond to meet Lloyds TSB bosses Salmond meets Lloyds TSB bosses
(about 3 hours later)
The first minister is to meet with Lloyds TSB bosses in a bid to safeguard Scottish jobs in its proposed merger with HBOS. The first minister has been meeting Lloyds TSB bosses in a bid to safeguard Scottish jobs in its proposed merger with HBOS.
During the meeting at LLoyds TSB's headquarters in London, Alex Salmond will present the "strong case" for maintaining jobs in Scotland. Alex Salmond said he would present the "strong case" for maintaining jobs in Scotland during the meeting at Lloyds TSB's headquarters in London.
About 17,000 HBOS jobs are based in Scotland. The banking group has its headquarters at the Mound in Edinburgh.About 17,000 HBOS jobs are based in Scotland. The banking group has its headquarters at the Mound in Edinburgh.
However, fears have been raised many jobs could go if the merger proceeds.However, fears have been raised many jobs could go if the merger proceeds.
Mr Salmond told the recent SNP conference that the £37bn given to three of Britain's biggest banks, including Royal Bank of Scotland, had thrown up the question of whether this money was available to Lloyds TSB and HBOS separately.Mr Salmond told the recent SNP conference that the £37bn given to three of Britain's biggest banks, including Royal Bank of Scotland, had thrown up the question of whether this money was available to Lloyds TSB and HBOS separately.
We've got to be sure that under any circumstances we get the best possible deal for Scotland Alex SalmondFirst minister We've got to be sure that under any circumstances we get the best possible deal for Scotland Alex SalmondFirst Minister
The Scottish Government has written to the Treasury on the issue but has yet to receive a reply.The Scottish Government has written to the Treasury on the issue but has yet to receive a reply.
Speaking to BBC Radio's Good Morning Scotland programme, Mr Salmond said he would be making a presentation on the case for Scotland at the meeting, and arguing that, if the takeover succeeds, Scotland would be the best place for them to do business. Speaking to BBC Radio's Good Morning Scotland programme, Mr Salmond said he would be making a presentation on the case for Scotland at the meeting and arguing that, if the takeover succeeds, Scotland would be the best place for them to do business.
He added: "Our priority is to protect jobs and decision making in the Scottish financial sector.He added: "Our priority is to protect jobs and decision making in the Scottish financial sector.
"Scotland has very substantial cost advantages to do high quality financial sector business. Our presentation will include testimonials from some of the key international companies who moved here from London, and will detail the better and more effective cost ratios of 30-40% that they have established.""Scotland has very substantial cost advantages to do high quality financial sector business. Our presentation will include testimonials from some of the key international companies who moved here from London, and will detail the better and more effective cost ratios of 30-40% that they have established."
Mr Salmond stated again that his preference would be for HBOS to remain independent, as it had been "hard-wired" into Scottish society for decades.Mr Salmond stated again that his preference would be for HBOS to remain independent, as it had been "hard-wired" into Scottish society for decades.
However, he conceded that the Scottish Government had to be ready to meet any other circumstances that arise. However, he conceded that the Scottish Government had to be ready to meet any other circumstances that arose.
He said: "If the merger is a likely outcome, if not the only possible outcome, then we've got to be sure that under any circumstances we get the best possible deal for Scotland."He said: "If the merger is a likely outcome, if not the only possible outcome, then we've got to be sure that under any circumstances we get the best possible deal for Scotland."
Tax policy Cash injection
The £12.2bn merger of Lloyds TSB and HBOS has met opposition in some quarters in Scotland, with SNP backbencher Alex Neil campaigning against the deal, saying it will cost thousands of Scottish jobs. The £12.2bn merger of Lloyds TSB and HBOS has met opposition in some quarters in Scotland. SNP backbencher Alex Neil has campaigned against the deal, saying it would cost thousands of Scottish jobs.
Scottish Lib Dem leader Tavish Scott challenged the first minister to meet with the chancellor to campaign against the merger. The Scottish Liberal Democrats accused Mr Salmond of "throwing in the towel" and accepting the takeover of HBOS by Lloyds TSB as a fait accompli.
He added: "Although I'm pleased that Alex Salmond is giving up valuable campaigning time in Glenrothes to attend to his duties as first minister, he also should be finding time to meet the chancellor. The Scottish Parliament will debate a Lib Dem motion on Thursday calling for HBOS to instead be maintained as an independent financial institution.
"The UK Government must use the taxpayers' investment in HBOS and reconsider its position in forcing this merger to go ahead, risking Scottish jobs, the headquarters in Edinburgh and branches across the country." What Alex Salmond is doing is mixing up his role as SNP leader and his role as first minister Tavish ScottScottish Lib Dem leader
They argue that the circumstances under which the merger was agreed have now been fundamentally altered by the government's subsequent injection of tens of millions of pounds of taxpayers' money to recapitalise banks including Lloyds TSB and HBOS.
Tavish Scott, the leader of Scottish Lib Dems, said: "I can't understand why Salmond is throwing in the towel and assuming the takeover is going to go ahead.
"He shouldn't be here talking to Lloyds TSB. He should be talking to the chancellor.
"What Alex Salmond is doing is mixing up his role as SNP leader and his role as first minister. His principle duty is to be engaging with the UK Government and saying, given the taxpayer investment in the banking sector, why should this merger go ahead?"
Labour's finance spokesman Andy Kerr said Mr Salmond should announce at the meeting that he is scrapping the Scottish Government's local income tax policy.Labour's finance spokesman Andy Kerr said Mr Salmond should announce at the meeting that he is scrapping the Scottish Government's local income tax policy.
"CBI Scotland and other business organisations have said that the local income tax would undermine the chances of attracting corporate headquarters to Scotland and the first minister should recognise that," Mr Kerr said."CBI Scotland and other business organisations have said that the local income tax would undermine the chances of attracting corporate headquarters to Scotland and the first minister should recognise that," Mr Kerr said.