Commenting on the Business Secretary’s decision to give the HBOS/ Lloyds TSB merger regulatory approval and the publication of the Office of Fair Trading’s report, Leader of the Liberal Democrats Tavish Scott MSP said:

“The Office of Fair Trading has concluded that this takeover, as allowed by the UK Government, is bad news for customers in Scotland.

“The OFT makes it clear that personal and business customers in Scotland will lose out the most.

“This is not a done deal because shareholders have yet to see a proposal. The biggest shareholder of all, the taxpayer, is deeply concerned by job losses and the loss of the headquarters, a view clearly expressed in the Scottish Parliament yesterday. The impact on Scotland, Edinburgh and every town and village will become increasingly apparent.”