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Economic advisers back Salmond's HBOS plan



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Published Date: 04 October 2008
THE First Minister's team of economic experts has backed efforts to get the best deal for Scotland from the HBOS takeover.
The Council of Economic Advisers (CEA) met in Ayrshire yesterday to discuss the £12.2 billion takeover by Lloyds TSB.

The council, chaired by former Royal Bank of Scotland chief Sir George Mathewson, said the proposed takeover would have a potentially "significant impact" on the Scottish economy.

In a statement after the meeting, the CEA said: "The Bank of Scotland represents well over 300 years of banking history.

"It is an iconic brand, a cornerstone of the Scottish financial sector and a major contributor to the wider social and economic well-being of the nation.

"The council therefore supports the alliance that is being led by the Scottish Government … to maximise the benefit of the merger."

Alex Salmond, the First Minister, is preparing to lead a Scottish Government presentation to Lloyds TSB chairman Victor Blank on the issue.





The full article contains 165 words and appears in The Scotsman newspaper.
Page 1 of 1

  • Last Updated: 03 October 2008 10:12 PM
  • Source: The Scotsman
  • Location: Edinburgh
  • Related Topics: Halifax Bank of Scotland
 
1

JayDeeTee,

04/10/2008 00:07:24
You can't maximise anything if you don't own it.
2

PaulW,

Borders 04/10/2008 00:22:39
JDT - At least we now have a First minister and a Government with the cojones to try to fight for the staff and this country. I don't know the detail, but with the brain power at their disposal, I am sure they have come up with some suggestions that may entice jobs to be located here. Let's see what happens rather than be cynical in advance.

What would Joke McConnell have done? I suspect he would have done what he was told and simply uttered "Yes, Prime Minister. Thank you for your benevolence"

3

famous 15,

Edinburgh 04/10/2008 00:39:42
The SNP are doing their best under difficult circumstances. Scotland must stop crawling and stand on its own two feet. It would be impossible to do worse than the present UK Government...even after the wierd injection of Mandy!
4

The Federalist (the poster formerly know as NAUON),

04/10/2008 01:52:46
#3 Their best to make political capital more like. Salmond changes his tune on this issue more times than I have had hot dinners.

Is he for the merger or against it?

I just wish he'd make his bloody mind up instead of playing debating chamber games.
5

Rufus T. Firefly,

04/10/2008 02:40:28
I wonder what Victor Blank will do.

Appease Slimey Salmond or do whats best for his shareholders.?

Hmmm thats a tough one.
6

The Federalist (the poster formerly know as NAUON),

04/10/2008 02:41:50
Should teh article not have raed:

"THE First Minister's team of economic experts has backed efforts to get the best deal for Alex Salmond from the HBOS takeover."
7

Rabster,

04/10/2008 02:58:22
At least Alex Salmond is making the effort. #4 - Like any Scot, I'm quite sure he is not in favour of the merger in principle, as it means one of Scotland's two main banks being swallowed up. But since there is probably nothing that can be done to prevent the merger going ahead, he is doing exactly the right thing by trying to mitigate the effect. It might not work, but at least the SNP is doing what it can and, unlike the other main parties, does not need to hold back for fear of upsetting London.
8

Guga II,

Rockall 04/10/2008 03:19:08
Typical of some of the above rabid Unionists to attack wee Eck for trying to save up to 24,000 jobs that are liable to be lost in Scotland. Unlike the quisling Unionist parties, he is at least trying to do something for Scotland.
9

Rufus T. Firefly,

04/10/2008 07:07:47
Hey Guga, you obviously know rock all.

Salmonds political posturing is exactly that. Why do you think the Lloyds Tsb board will pay any attention to what that meglamaniac has to say?

Lloyds Tsb is a British company. Why do you think they will place more importance on a Scottish job than a Welsh or English job?

Because Salmond says so? Yeah right.

If you believe that then clearly you are a bigger mug than I thought. Do you holiday in Brigadoon?

If anything, its Quisling Salmond's independence policy that will ensure that the new Headquarters is not in Scotland.

So Salmond can claim all he likes that he is fighting for Scottish Jobs, the reality is however, that his independence policy will be directly responsible for the LOSS of the HQ and indeed the LOSS of thousands of Scottish Jobs.

As for "Wee Eck", well Guga you need glasses. It is well known that Salmond's favourite musical instrument at school was the dinner bell.

10

danielrober,

04/10/2008 07:09:53
Is anyone allowed to disagree with this man any more? Certainly not MSP's.
11

Rufus T. Firefly,

04/10/2008 07:46:14
#11 Daniel, clearly his own SNP MSPs are terrified of him.

Salmond could pass wind in Holyrood and the SNP Lackies that sit behind him would still be cheering and clapping like trained peaks.
12

Rufus T. Firefly,

04/10/2008 07:47:58
12 should say "seals" not "peaks".
13

Melly,

Dunblane 04/10/2008 08:04:37
11, 12 # obviously one of our graduates from the school of unionist cringers, with not a constructive thought in his body,unable to stand up for himself and waiting for his liebour masters to offer him scraps from the almost bare table. Thank goodness we have a party and leader who puts Scotland and its people first.
14

walter,

04/10/2008 08:17:28
#11
To answer your question "No", just look at the Council of Economic Advisers that he put together.
These people are experts in the field of economics and know that in any take over like this jobs are lost all over the place yet they are coming out with emotional sentiments.
Any business person worth their salt will tell you that there is no profit in emotions.
Emotions are what politicians deal in for profit whereas business people deal in the hard facts of reality.
15

suchaparcelofrogues,

Scotland 04/10/2008 08:26:55
Oh its not a 100 million bail out then as has been posted several times on these blogs and of course only ever quoted by the Scotsman itself??
16

suchaparcelofrogues,

Scotland 04/10/2008 08:30:19
4

Just like the trams fakey fed the London troll he is powerless to prevent it so he does what he can to get the best he can from a sh*tty situation instigated again by the UK government.

Hey Rufus 6 months you dont happen to be from Edinburgh as well by any chance?
17

suchaparcelofrogues,

Scotland 04/10/2008 08:33:17
5

His plan is to do what he can within the contraints of a Devolved parliament holding a minority government which to be frank is b*gger all. But he is letting the country know very effectively just exactly what it means to have a "devolved" parliament relative to having its own full free national one.
18

suchaparcelofrogues,

Scotland 04/10/2008 08:36:40
12

Oh aye and we all know the definition of a Labour rebel eh? Dont cast yer vote until the party whips tell you which way.
19

GM,

04/10/2008 08:50:52
Amazing (well frankly not really) that so many unionists will attack a scottish first minister for attempting to save scottish jobs.

It's his job to protect jobs, the economy, the people, the infrastructure and everything else about scotland.

In any other business, if there were a risk of 20,000 redundancies or lost jobs and he *didn't* intervene I could then see cause to criticise him.

As it is, I simply see your attacks on salmond as more of the same 'union at *any* cost' vitriol.

The man is attempting to salvage as many scottish jobs out of the takeover as possible - I'm sure those in scottish HBOS jobs welcome your contributions Daniel, Rufus etc...
20

danielrober,

04/10/2008 08:58:51
# 20 GM

So how many jobs will be lost to HBOS with the SNP - Scotland first policy? How many jobs at HBOS rely on the custom of other parts of the UK, who are not blessed to be a friend of Alec.S? Its called trade and good will.

Good will is cheap to spend but expensive to acquire.

Oh by the way, how many monikers do you use and do you not think its schezofrenic to talk/agree with your alter egos on line?
21

GM,

04/10/2008 09:13:54
@21

danielrobber...

I simply make the point that in my view if Salmond did nothing he would clearly be open to criticism so that is simply not an option. It appears strange then that you folks still find something to criticise about him for doing something... He could never win in your eyes.


Onto your second point...
well, if only AM2 were here (cos we both started here roughly the same time and hes clearly the most passionate unionst who uses the site) he could confirm there is only one of me, and always has been. We've both been posting here for a long time... very much longer than you I suspect.

Feel free to ask the Scotsman for IP details (its not a static IP I have but sticky enough that it changes very infrequently).

I vote SNP but do not agree blindly to all they stand for (LIT and EU membership to name but 2 areas).

Last thing is, if you really believe I post here using multiple names, I'd ask you to prove it rather than making snide accusations. From my memory, the only multiple moniker posters proven so far have all been unionists.


If you would care to leave out the snideness for one minute and possibly provide me with a constructive idea of what you think the First Minister of Scotland (ignore who it is and what party they are for a moment) should do where a business faces substantial scottish job losses (any business)?

I reckon if you could reply objectively, your view would be no different from mine - or at least not that wildly appart.
22

Yonthing!,

04/10/2008 09:43:32
OK, let's assume the SNP get their way and Scotland gets it's independance.

Can the "government" afford to bail out it's banks when they get into financial trouble? Could they be nationalised by a Scottish Government if a future credit crunch occurs.

The answer is no but irrelevant, as the banks will move South the day Scotland gets Independance.
23

danielrober,

04/10/2008 09:46:33
# 22 GM

' provide me with a constructive idea of what you think the First Minister of Scotland '

If Alec.S wants my direct advice, with my recorded opinion, he can pay for it. Politicians enjoy far too many free advantages that the rest of us have to pay for. Which is exactly what he is doing with his board of advisors - paying their bill.

So exactly how much independence do they have to advise the SNP, when i understand Alec.S is the head of the committee (or at least on it)?
24

Linda,

Edinburgh 04/10/2008 09:49:55
Where do you think Labour's loyalties lie?

Read Iain MacWhirter in Sunday Herald of 28th September

Labour’s glee at the fall of HBOS risks backfiring
Iain Macwhirter on political capital

SCOTTISH LABOURITES at their conference in Manchester last week were practically punching the air at the collapse of HBOS. They think the crisis vindicates their Unionism and reveals Alex Salmond as a tartan fantasist living in an economic Brigadoon. Mind you, some Scots might prefer Brigadoon to Labourland.
25

GM,

04/10/2008 10:27:14
@24 daniel

no answer then?

you don't happen to actually be a politician do you!

Rather than 'Paxman' you by repeating the question I will rephrase it so a simple yes or no answer is all that is required (which usually illicits more obfuscation but hey-ho)...

"do you think that any First Minister of Scotland should make efforts to work with organisations who announce possible/probable large job losses, in an attempt to minimise those losses?"


yes or no.
26

brownlie,

04/10/2008 11:06:03
26 GM

A simple yes or no is not enough. The unionist answer is more complicated:

We wait until we see what Salmond does, or does not do, and then oppose it regardless of the consequences.
27

GM,

04/10/2008 12:08:01
@27

yup,

daniel went a bit quiet after his rant at 21.

Perhaps he is feverishly wrangling with the concept of actually answering 'yes' to my post 26, which in truth clearly has to be any sane person's response, but daniel might feel exposes some kind of soft underbelly in his usual anti-SalmonsandSNP-at-all-costs approach.

As far as I'm concerned it wouldn't but I can understand how he might feel like that.
28

ThomasP,

04/10/2008 13:14:21
#23

"The answer is no but irrelevant, as the banks will move South the day Scotland gets Independance."

Evidence?
29

GM,

04/10/2008 13:21:28
@29

unionist scaremongering -

I'm amazed they still attempt such facile (and proven to be facile these days) tactics.

I wish I had scanned *every single* newspaper front page in Scotland the day of the election in 1997. By all accounts, scotland should be a completey uninhabited wasteland by now.
30

Olicana,

edinburgh 04/10/2008 13:33:05
So George Mathewson, Chairman of a Hedge Fund is giving advice on the HBOS takeover and was previously at RBS. Some comfort for everyone there then!
31

Rosscobhoy,

04/10/2008 13:37:12
#23

The chances of banks down south upping sticks and moving to an independent Scotland are as great as the opposite. Big business does not care where it is based, it only cares about who offers the biggest tax incentives and loopholes that let them make more money. I'd suggest than in this respect a small nation would be far more accomodating than a big one. We need less money to run Scotland than the UK, so we can afford to take less from them.
32

GM,

04/10/2008 14:16:51
@32
Scotland already has a more progressive form of business rates where empty properties can still benefit from reliefs.

This was scrapped (after hundreds of years) in England in April 2008 where property owners are now subject to 100% liability.

Seems like scotland is a better place to do business.
33

Hen Broon,

tinyurl.com/6m3w2t 04/10/2008 14:21:25
22
GM,
04/10/2008 09:13:54


Well said the daniel troll is a notoriuos abuser and agitator contributing nothing but sneers and insults rather along the lines of the Gordon Chairman one and Grahamski in fact exactly along those lines. They are as easy to spot as a Tory in Glasow East.

Sneering and cringing is their stock in trade, no self respecting Scot would even think like them. Their joy and delirium at things like the spivs HBOS attack or any other Scottish institution or SNP policy is odious and sickening in the extreme. They cannot wait to see Scotland fail. They will wait a long time thank God and the SNP.

ALBA GU BRATH.
34

W U Merchant,

Aberdeen 04/10/2008 17:26:24
What is this article about? More pro SNP propaganda from the Scotsman. We deserve objective reporting.
35

Nikostratos,

04/10/2008 19:21:03
#34

Nah! your mentalnest not Scotland failing only the snp.


36

Darien,

Panama 04/10/2008 19:43:52
LloydsTSB takeover of HBOS means no more HBOS. SNP need to get a grip. Scotland needs a separate national bank.
37

oder,

Scotland 04/10/2008 22:18:06
its a matter of historical fact that all countries after achiving independence from England their economies boomed with foreign investments and their standard of living started to rise! (I invite any poster to name any former colony/territory that has collapsed due to independence) the scaremongering of posters over economic meltdown is an insult to the people of Scotland, the same was said about devolution does any poster have the exact figures on the numbers bussinesses and banks who left?
the people oppose independence start playing a new tune! the old one that Scotland cant make it comes right out of Goebbels Ministry of Propaganda "tell the lie often enough and the masses will start to believe it" you need to update your strategy then who knows it might worthy of debate with the unionists.
38

danielrober,

04/10/2008 22:48:27
# GM,

Yeahhhh...arrr..okay!


# 34 Hen Broon

I say Hen, i'm never spotted in Glasgow East. I'm too busy enjoying myself with people who know how to live. The people of Glasgow East also for that matter know how to live and let live as well.

Still waiting for half a dozen answers to some simple questions though, mainly on energy and trade. Do you have the answers yet? You should you guys are in charge now.
39

Brian Hill,

04/10/2008 22:48:54
Alex Salmond and the SNP Government will be absolutely raking in new supporters no matter what the outcome of this fight is.

Between this and the stand taken on 18 to 21 year olds buying supermarket booze, they are getting applauded for their efforts.

Compared to Labour and Liberal Unionist lackies in previous administrations they are fighting for Scotland on all fronts all the way.


40

danielrober,

04/10/2008 23:19:11
Enjoy your weekend Hen.
41

GM,

05/10/2008 09:22:20
@39

ok daniel... but still no answer

lol - you arch-unionists lose a lot of credibility when your anti-SNP bile overflows to the point where you oppose them simply to be seen to oppose them!

You on this thread and SM753 on the 'legal block to independence thread'.

This is why AM2 is also fails.

*Never* any semblence of balance or reality check.

 

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