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UK Banks appear in control of the UK business sector

In a move that should surely merit some kind of comment from Lord Mandelson, the business secretary, it has been alleged that Lloyds TSB group forced a UK-based company, SeaDragon Offshore, to relocate a large project to Singapore. The allegations surround the fact that Lloyds TSB is the main lender to the company, which is heavily in debt and rumoured to be up for sale, and had initially agreed to the project being based in the North of England, something which would have created 1400 jobs.

While we will no doubt hear more information over the next few days, it is alleged that under pressure from Lloyds TSB the oil and gas company was forced to relocate the project to Singapore. These claims are as yet unsubstantiated but have caught the eye of many MPs in the Labour Party and those representing the economically challenged area of the North of England.

If it is found that Lloyds TSB was able to influence the direction of the company, even though it is the main creditor to the group, this would concern UK businesses and the government in these troubled times. Aside from reducing the liquidity levels available to UK businesses it appears as though the banks are taking more of a hands-on approach as they look to protect their assets.

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