Unite reaction to rival HBOS plan

Derek Simpson, Unite Joint General Secretary said: “Unite has serious doubts about the plans by Sir Peter Burt and Sir George Mathewson and their motives. They have failed to come up with any concrete proposals or any money, and it is irresponsible of them to threaten the proposed merger between HBOS with LTSB. We have serious concerns that the extreme arrogance of these two individuals will lead to the nightmare scenario in which HBOS collapses.

“All that this intervention achieves is to bring further uncertainty to the workers at HBOS and LTSB. Unite has previous experience of Sir George Mathewson when he oversaw the loss of 18,000 jobs at RBS, he leaves himself open to accusations of playing politics due to his links with the SNP and cannot wash his hands of Sir Fred Goodwin and the crisis at RBS. Sir Peter was the architect of the original Halifax deal and must bear some responsibility for the mess HBOS is in today. The government intervened early, injecting £30bn to stabilise the Scottish banking system. Sir George and Sir Peter are now in danger of destabilising the situation.

“The future of these important financial institutions is now at stake. The proposals by these two individuals merely smacks of egos and special interest rather than the livelihoods of our members who work at both HBOS and Lloyds.”

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For more information please contact Saba Mozakka, Unite Press Office on: 020 7420 8916 or 07768 693 953.