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Economic experts set to discuss HBOS situation
03/10/2008
First Minister Alex Salmond will today invite the Council of Economic Advisers to support the national effort to make sure Scotland gets the best possible deal from the proposed HBOS merger with Lloyds TSB.
The Council will meet for the fourth time, in Dumfries House at Cumnock in Ayrshire, bringing together expert minds in business and economics.
The meeting comes as the First Minister prepares to lead a Scottish Government presentation to Lloyds TSB chairman Victor Blank, setting out the advantages Scotland has to offer companies as a business-base and centre of expertise in financial services, with a wealth of human capital.
The FM said:
"The Council of Economic Advisers was established to ensure that Scotland's economy is ahead of the curve - and advise government on the key interventions needed to secure maximum benefit from our comparative advantages and economic opportunities.
"Since then we have worked together to achieve that goal, while the Scottish Government has provided support to key sectors of the economy including the small business bonus; saving Rosyth ferry service; accelerated investment in affordable housing, and support for £1 billion of private sector investment in the renewable energy sector.
"Now we face new challenges, with Scotland's oldest financial institution on the verge of merging with Lloyds TSB. As decisions are being planned that will define the shape of that organisation, and the future of Scottish jobs and decision making, we must make a clear and united case for Scotland as a world-class business base. This is the time to harness the intellectual firepower at our disposal to promote Scotland's competitive advantage.
"The Council of Economic Advisers represents some of the best business and economic minds in global terms, united by the common purpose of improving Scotland's sustainable economic growth.
"We will have the opportunity to do just that, by channelling the CEA's collective expertise into the continuing development of a clear and persuasive case for Scotland. We must ensure that the Scottish head office operations of the proposed new group are as large and substantial as possible.
"Dumfries House is a very fitting location for this effort - as an example of how a united effort can safeguard Scotland's cultural and economic opportunities for the nation."
The CEA is chaired by Sir George Mathewson and was established to:
- Advise the First Minister directly about the best way to improve Scotland's sustainable economic growth
- Have quarterly meetings to consider the publication of the quarterly growth figures
- Publish an annual report providing expert commentary on the Scottish economy
The Scottish Government was part of the consortium, brought together by Prince Charles, Duke of Rothesay, who reached agreement with the Marquis of Bute to purchase the 18th century Dumfries House and its collection to safeguard for the nation.
Dumfries House opened to the public took place in June this year.