The Department for Business today laid an Order in Parliament to enable Ministers to intervene and make decisions on mergers that may impact on the UK's financial stability.
The Government announced it would be seeking Parliamentary approval for this change on 18 September, at the same time as it issued an intervention notice in relation to the proposed merger of Lloyds TSB Group plc with HBOS plc.
Minister for Economic Competitiveness and Small Business, Shriti Vadera, said today:
"The Government took swift action in relation to the proposed merger of Lloyds and HBOS to support the UK financial system. "In the present economic climate it is vital that financial stability can be considered alongside competition questions."
The Order must now be passed by both Houses of Parliament.
