Business of the House

We are very concerned about the protection of financial services, and ensuring that there is lending to small businesses, families and in the housing market. The service provided by the financial services industry is important, but it is also an important employer, so we are concerned when we see job losses. That is why the Chancellor has made it clear that he will do whatever it takes to stabilise and protect all existing financial services organisations, including taking over Northern Rock and the action that we have taken on Bradford & Bingley. When the best action to take is supporting and enabling a merger, as is the case with Lloyds TSB and HBOS, we will take it. We are well aware of the impact that the situation is having in Yorkshire, as the hon. Gentleman mentioned, with Bradford & Bingley and the Halifax, and the Minister for Yorkshire and the Humber has been working with colleagues and agencies in the area. We are also concerned about the effect on Scotland. Certainly, we will leave no stone unturned, but it is not right for any Member to suggest that there is some sort of magic wand alternative to the Lloyds TSB-HBOS proposal. If there were, and if it stood up to scrutiny, it would be there for consideration, but we regard the merger as the best option.