The UK Competition Authority waives competition law in the interest of "maintaining the stability of the UK financial system" and clears a major concentration in the banking sector (Lloyds / HBOS)

Of all the human powers operating on the affairs of mankind, none is greater than that of competition. (Henry Clay, 1832) [1] A. Abstract In an exceptional stir, the UK government engineered the merger of Lloyds TSB plc (Lloyds) and HBOS plc (HBOS) waiving the competition law in the interest of "maintaining the stability of the UK financial system". Notably, the shift is first of its class. This article primarily assesses the said use of intervention notices to oust the jurisdiction of the Competition Commission by political interference and examines it in light of legislative intent and jurisprudence while exploring in greater details the efficacy of the Enterprise act, 2002 on the question of ‘public interest' hypothesizing the test under the Fair Trading Act 1973 as the benchmark.

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Harshita Mathur, The UK Competition Authority waives competition law in the interest of "maintaining the stability of the UK financial system" and clears a major concentration in the banking sector (Lloyds / HBOS), 24 October 2008, e-Competitions October 2008, Art. N° 28250

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