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Shadow minister backs Halifax HBOS staff

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Published Date: 13 January 2009
SHADOW Work and Pensions Secretary, Chris Grayling, has given his backing to HBOS staff in Halifax who might lose out as a result of the Lloyds TSB takeover.
But he stopped short of calling for direct Government intervention in the bank.

"The situation is of huge concern but I don't think politicians should interfere in the running of the new business," he said at the Halifax Connexions Centre.

The Government was right to financially support banking but it was up to management to reshape their businesses.

  • Taxpayers will own nearly half of the new Lloyds/HBOS superbank after investors shunned the two lenders' £1.3bn fund-raising plans.


    • The Court of Session in Edinburgh gave the green light to the deal after a legal hearing lasting all day

    Page 1 of 1

    • Last Updated: 13 January 2009 8:31 AM
    • Source: Evening Courier
    • Location: Halifax
     
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    Crackers,

    13/01/2009 08:43:15
    "The situation is of huge concern but I don't think politicians should interfere in the running of the new business,"

    Yeah they only own nearly half of it, just leave it to the directors in charge they know what they're doing
    2

    milliesdad,

    13/01/2009 08:58:02
    Someone needs to keep an eye on them, before they rip the new firm off.NO BONUSES.
    3

    Pot Bellied Pig,

    13/01/2009 09:04:47
    Exactly what is 'His backing' then? What value is it to anybody? What difference will it make?

    And milliesdad, when you say NO BONUSES, I assume you are referring to the directors and not the rank and file, for whom monthly salaries have been whittled away over the years in favour of annual bonuses, which in turn have been increased by encouraging staff to take their bonus in shares instead. The result, effectively, being to reduce a significant proportion of HBOS staff's salary to less than 10% of it's original value for those staff loyal (i.e. stupid enough) to hang on to their shares.
    4

    Ori Bule,

    Hx 13/01/2009 12:32:47
    The only way the problems with the banks can be resolved is for the govenment to fully nationalise all major players.
    This will save jobs and create lots of non jobs.
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