West Fife should continue to be a key area of business for the Lloyds group according to local MP Willie Rennie, who was responding to the news that the Royal Bank of Scotland and Lloyds Banking Group are to sell off branches after the European Commission demanded the sales take place to safeguard competition concerns.

Following discussions with Lloyds representatives this morning, Mr Rennie confirmed that the changes will affect Intelligent Finance at Roysth and local Lloyds TSB branches, but that they may not happen for another four years.

Mr Rennie believes that that the sell off will allow British retail banking to become more competitive, but warned that a rapid firesale of state assets in the current depressed environment will leave the taxpayer with a poor deal.

Commenting Mr Rennie said:

“It’s a positive sign that the Chancellor is at last listening to Vince Cable over what action needs to be taken to improve the competitiveness of the banking industry.

“It is obviously right that British retail banking becomes more competitive in order to stop the continual ripping off of customers. But there's no justification for a rapid sell off of state assets just to fill a Treasury black hole.

“We need assurances that these new, smaller banks will start lending to businesses and responsible buyers who are desperate for a mortgage.

“In order for local taxpayers to get a good deal, it’s also vital that West Fife continues to be a key place of business for Lloyds TSB and that we build on the 2,700 jobs already provided here.”