Wednesday, September 17, 2008

Local impact?

National news today dominated by the likely merger between Lloyds and HBOS - but as Robert Peston at the BBC puts it, looks more like a "rescue takeover" to me?

... I do think that some serious consideration about the very local impact (here in Edinburgh) of all that's happening to the banking and finance sector is starting to look pretty urgent and possibly somewhat overdue?

Just look at Table 19, at the top of Page 13, in this publication ... over 83,000 of Edinburgh's workforce are dependant on employment within the 'banking, insurance, finance and business services' sectors ...

... that's just short of 30% of the whole city workforce - a huge concentration in one area of economic activity that is currently undergoing a period of massive flux.

Frankly, I'm not clear what the current Council leadership's position, or views, on all of this are?


Jeff said...

I'm lost, which views would you like them to have exactly?

The news is, after all, breaking right this very second with Lloyds and HBOS currently around the table.

Let's let everyone digest it before trying to crucify the council for a private sector deal which is totally and utterly out of their hands.

Andrew said...


Sorry if this post wasn't clearer - I don't mean any view on the specific HBOS deal: you're right, its not even finalsied yet!

- but any view on the general issue of the exposure of the Edinburgh labour market to the wider impacts of the current economic climate?

I've not heard anyone in the current Council Leadership speak on this and I happen to think its potentially a very serious situation for Ediburgh.


Jeff said...

Hi Andrew,

I understand you now. I may have jumped the gun a little.

As an Edinburgh accountant you can understand my being somewhat 'twitchy' today!

Andrew said...


Thanks for the further comment ... I understand completely!

I do think the whole situation is very, very worrying and has scary historical parallels with the 1930's