Salmond calls on economic experts

A team will argue for a substantial HBOS presence in Scotland

First Minister Alex Salmond wants to harness the country's "economic firepower" in his campaign to protect HBOS banking jobs in Scotland.

Mr Salmond will ask the Council of Economic Advisers to help him persuade Lloyds TSB of Scotland's advantages when the �12bn takeover takes place.

It comes ahead of a meeting between the Scottish Government and the bank's chairman Victor Blank.

The Council of Economic Advisers will meet at Dumfries House in Ayrshire.

It is chaired by former senior banker Sir George Mathewson and features Nobel prize-winning economists among its members.

'Competitive advantage'

Mr Salmond said he hoped the organisation would provide evidence and arguments to support the case to retain headquarter functions and jobs at the Bank of Scotland.

He said: "As decisions are being planned that will define the shape of that organisation, and the future of Scottish jobs and decision making, we must make a clear and united case for Scotland as a world-class business base.

"This is the time to harness the intellectual firepower at our disposal to promote Scotland's competitive advantage."

It will be the fourth meeting of the council, which was established to advise the first minister directly about the best way to improve Scotland's sustainable growth.

Labour had demanded public access to the meeting in the national interest, but the call was rejected by the SNP.

Lloyds TSB is to take over HBOS in a deal which will create a banking giant, holding close to one-third of the UK's savings and mortgage market.

E-mail this to a friend

Printable version