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Standard Life takeover a risk to competition and Scottish financial services – Carmichael
October 26, 2009 5:11 PM
Originally published by Scottish Liberal Democrats
Originally published by Scottish Liberal Democrats
Commenting on the news that Barclays is to take over Standard Life's banking operations, Liberal Democrat Shadow Scotland Secretary, Alistair Carmichael said: "The experience of the recession has made us only too aware of the dangers of over-large banks and a lack of competition.
"Scotland's financial services have already been hit by the misguided creation of the Lloyds-HBOS superbank, supported by the Labour government. The takeover of Standard Life's banking business by Barclays threatens to further damage competition.
"It could also mean further bad news for Scotland's financial sector as yet more Edinburgh-headquartered business moves under London-based control.
"Labour and the SNP need to get their acts together - or Edinburgh risks losing its hard-won reputation as a leading European financial services centre, and the many jobs that depend on it."
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