Government Role In Hbos "shotgun Wedding” Attacked

[OMG]

The General Secretary of Accord, the union for HBOS staff, is accusing the Government of turning its back on thousands of finance workers in relation to its role in supporting the proposed takeover of HBOS by Lloyds TSB.

Pointing out the risk to job security against an already rising rate of unemployment and contrasting the approach of the UK government with the US authorities in supporting Freddie Mac, Fannie May and AIG, Ged Nichols said:

"Everybody is acknowledging that the current market turmoil is unprecedented and that HBOS is a fundamentally sound, profitable and well capitalised business.

If ever there was a case for government intervention this is it. Nobody would advocate a "bail out” but the Government could have taken steps to help HBOS through this difficult period – and it would have had its investment repaid in full as has been the case when governments have intervened in banking crises in the past.

HBOS is one of the highest payers of corporation tax in the UK. The bank and its employees paid almost £1.7bn in tax last year which would pay the salaries of over 46,500 secondary school teachers for a year.

Through directly employed staff and the indirect jobs created at suppliers, HBOS supports 105,000 full-time equivalent jobs in the UK and has a good record as an employer and, for example, has maintained its call centre operations in the UK as opposed to India or elsewhere.

If there was the prospect of job cuts on the scale some commentators are predicting in any other industry there would be an outcry. It seems that the livelihoods of workers in the financial services industry do not matter to the Government and that is a shame.

Accord is seeking talks with Lloyds TSB and will continue to campaign for security of employment, fair reward and dignity at work for it’s 32,000 members in what is currently the HBOS Group."

http://www.accord-myunion.org/

I suppose they're just doing their job.

Edit: to add subtitle

Edited September 18, 2008 by OMG