The Donkey Punch

The European Commission has warned Lloyds Banking Group that it may have to split off Halifax as punishment for the billions of pounds of state aid that it has received. The EU Competition Commissioner has yet to make a final decision but banking sources say it is clear that she is planning to impose draconian penalties on Lloyds (The Times).



The ass you thought you saved

Don't forget, it was Gordon Brown the British Prime Minister who brokered the deal and it was Lord Mandleson the British Business Secretary who allowed the merger to go ahead. The order was laid in Parliament on 7 October 2008 and came into force on the 24th of October 2008.

So much for the Sovereignty of Parliament.

EU rules ok