HBOS plc is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group, having been taken over in January 2009. It is the holding company for Bank of Scotland plc, which operates the Bank of Scotland and Halifax brands in the UK, as well as HBOS Australia and HBOS Insurance & Investment Group Limited, the group's insurance division. HBOS was formed by the Bank of Scotland; the formation of HBOS was heralded as creating a fifth force in British banking as it created a company of comparable size and stature to the established Big Four UK retail banks. It was the UK's largest mortgage lender; the HBOS Group Reorganisation Act 2006 saw the transfer of Halifax plc to the Bank of Scotland, now a registered public limited company, Bank of Scotland plc. Although HBOS is not an acronym of any specific words, it is presumed to stand for Halifax Bank of Scotland; the corporate headquarters of the group were located on The Mound in Edinburgh, the former head office of the Bank of Scotland.
Operational headquarters were in Halifax, West Yorkshire, the former head office of Halifax. The group was acquired and folded into Lloyds Banking Group through a takeover by Lloyds TSB on Monday 19 January 2009 after both sets of shareholders approved the deal. Lloyds Banking Group has stated that the new group will continue to use The Mound as the headquarters for its Scottish operations and will not cease the issue of Scottish bank notes. HBOS was formed by a merger of Halifax and Bank of Scotland in 2001, Halifax having demutualised and floated four years prior. In 2006, HBOS secured the passing of the HBOS Group Reorganisation Act 2006, a private Act of Parliament that rationalised the bank's corporate structure; the act allowed HBOS to make the Governor and Company of the Bank of Scotland a public limited company, Bank of Scotland plc, which became the principal banking subsidiary of HBOS. Halifax plc transferred its undertakings to Bank of Scotland plc, although the brand name was retained, Halifax began to operate under the latter's UK banking licence.
The provisions in the Act were implemented on 17 September 2007. The share price peaked at over 1150p in February 2007. In 2004, Paul Moore, HBOS head of Group Regulatory Risk, warned senior directors at HBOS about excessive risk-taking, he was dismissed, his concerns not acted on. In March 2008, HBOS shares fell 17 percent amid false rumours that it had asked the Bank of England for emergency funding; the Financial Services Authority conducted an investigation as to whether short selling had any links with the rumours. It concluded. On 17 September 2008 shortly after the demise of Lehman Brothers, HBOS's share price suffered wild fluctuations between 88p and 220p per share, despite the FSA's assurances as to its liquidity and exposure to the wider credit crunch; however that day, the BBC reported that HBOS was in advanced takeover talks with Lloyds TSB to create a "superbank" with 38 million customers. This was confirmed by HBOS; the BBC suggested that shareholders would be offered up to £3.00 per share, causing the share price to rise, but retracted that comment.
That day, the price was set at 0.83 Lloyds shares for each HBOS share, equivalent to 232p per share, less than the 275p price at which HBOS raised funds earlier in 2008. The price was altered to 0.605 Lloyds shares per HBOS share. To avoid another Northern Rock-style collapse, the UK government announced that should the takeover go ahead, they would allow it to bypass competition law. Alex Salmond, Scotland's First Minister an economist, said of the takeover: "I am angry that we can have a situation where a bank can be forced into a merger by a bunch of short-selling spivs and speculators in the financial markets." Vince Cable, the Liberal Democrats' economic spokesman mocked so-called "masters of the universe," whose hedge funds profited from short-selling. On 18 September 2008, the terms of the recommended offer for HBOS by Lloyds TSB were announced; the deal was concluded on 19 January 2009. The three main conditions for the acquisition were: Three quarters of HBOS shareholders voted in favour of the board's actions.
A group of Scottish businessmen challenged the right of the UK government to approve the deal by over-ruling UK competition law, but this was rejected. The takeover was approved by HBOS shareholders on 12 December. Prime Minister Gordon Brown brokered the deal with Lloyds TSB. An official said: "It is not the role of a Prime Minister to tell a City institution what to do"; the Lloyds TSB board have stated that merchant banks Merrill Lynch and Morgan Stanley were amongst the advisers recommending the takeover. Lloyds Banking Group said Edinburgh-based HBOS, which it absorbed in January, made a pre-tax loss of £10.8bn in 2008. Andy Hornby, the former chief executive of HBOS and Lord Stevenson of Coddenham, its former chairman, appeared before the Commons Treasury Committee to answer for the near-collapse of the bank. Mr Hornby said: "I'm sorry what happened at HBOS, it has affected shareholders, many of whom are colleagues, it's affected the communities in which we live and serve, it's affected taxpayers, we are sorry for the turn of events that has brought it about."
On 13 October 2008, Gordon Brown's announcement that government must be a "rock of stability" resulted to an "unprecedented but essential" government action: the Treasury would infuse £37 billion of new capital into Royal Bank of Scotland Group Plc, Lloyds
Wales is a country, part of the United Kingdom and the island of Great Britain. It is bordered by England to the east, the Irish Sea to the north and west, the Bristol Channel to the south, it had a population in 2011 of 3,063,456 and has a total area of 20,779 km2. Wales has over 1,680 miles of coastline and is mountainous, with its higher peaks in the north and central areas, including Snowdon, its highest summit; the country has a changeable, maritime climate. Welsh national identity emerged among the Britons after the Roman withdrawal from Britain in the 5th century, Wales is regarded as one of the modern Celtic nations. Llywelyn ap Gruffudd's death in 1282 marked the completion of Edward I of England's conquest of Wales, though Owain Glyndŵr restored independence to Wales in the early 15th century; the whole of Wales was annexed by England and incorporated within the English legal system under the Laws in Wales Acts 1535 and 1542. Distinctive Welsh politics developed in the 19th century. Welsh liberalism, exemplified in the early 20th century by Lloyd George, was displaced by the growth of socialism and the Labour Party.
Welsh national feeling grew over the century. Established under the Government of Wales Act 1998, the National Assembly for Wales holds responsibility for a range of devolved policy matters. At the dawn of the Industrial Revolution, development of the mining and metallurgical industries transformed the country from an agricultural society into an industrial nation. Two-thirds of the population live in South Wales, including Cardiff, Swansea and the nearby valleys. Now that the country's traditional extractive and heavy industries have gone or are in decline, Wales' economy depends on the public sector and service industries and tourism. Although Wales shares its political and social history with the rest of Great Britain, a majority of the population in most areas speaks English as a first language, the country has retained a distinct cultural identity and is bilingual. Over 560,000 Welsh language speakers live in Wales, the language is spoken by a majority of the population in parts of the north and west.
From the late 19th century onwards, Wales acquired its popular image as the "land of song", in part due to the eisteddfod tradition. At many international sporting events, such as the FIFA World Cup, Rugby World Cup and the Commonwealth Games, Wales has its own national teams, though at the Olympic Games, Welsh athletes compete as part of a Great Britain team. Rugby union is seen as an expression of national consciousness; the English words "Wales" and "Welsh" derive from the same Germanic root, itself derived from the name of the Gaulish people known to the Romans as Volcae and which came to refer indiscriminately to all non-Germanic peoples. The Old English-speaking Anglo-Saxons came to use the term Wælisc when referring to the Britons in particular, Wēalas when referring to their lands; the modern names for some Continental European lands and peoples have a similar etymology. In Britain, the words were not restricted to modern Wales or to the Welsh but were used to refer to anything that the Anglo-Saxons associated with the Britons, including other non-Germanic territories in Britain and places in Anglo-Saxon territory associated with Britons, as well as items associated with non-Germanic Europeans, such as the walnut.
The modern Welsh name for themselves is Cymry, Cymru is the Welsh name for Wales. These words are descended from the Brythonic word combrogi, meaning "fellow-countrymen"; the use of the word Cymry as a self-designation derives from the location in the post-Roman Era of the Welsh people in modern Wales as well as in northern England and southern Scotland. It emphasised that the Welsh in modern Wales and in the Hen Ogledd were one people, different from other peoples. In particular, the term was not applied to the Cornish or the Breton peoples, who are of similar heritage and language to the Welsh; the word came into use as a self-description before the 7th century. It is attested in a praise poem to Cadwallon ap Cadfan c. 633. In Welsh literature, the word Cymry was used throughout the Middle Ages to describe the Welsh, though the older, more generic term Brythoniaid continued to be used to describe any of the Britonnic peoples and was the more common literary term until c. 1200. Thereafter Cymry prevailed as a reference to the Welsh.
Until c. 1560 the word was spelt Kymry or Cymry, regardless of whether it referred to the people or their homeland. The Latinised forms of these names, Cambrian and Cambria, survive as lesser-used alternative names for Wales and the Welsh people. Examples include the Cambrian Mountains, the newspaper Cambrian News, the organisations Cambrian Airways, Cambrian Railways, Cambrian Archaeological Association and the Royal Cambrian Academy of Art. Outside Wales, a related form survives as the name Cumbria in North West England, once a part of Yr Hen Ogledd; the Cumbric language, thought to
Fox, Fowler and Company
Fox and Company was a British private bank, based in Wellington, Somerset. The company was founded in 1787 as a supplementary business to the main activities of the Fox family, sheep-herding and wool-making. Like many other commercial banks of the time, Fox and Company was entitled to issue its own banknotes. However, when the Bank Charter Act was passed in 1844, no new banks could issue notes in England and Wales, the number of note-issuing institutions fell with financial sector consolidation. Fox and Company was the last commercial note-issuing bank in England and Wales, until it was bought out by Lloyds Bank in 1921. Under the terms of the 1844 act, the bank lost the legal right to issue banknotes upon its merger with Lloyds, the Bank of England became the sole note-issuing bank in England and Wales; some commercial banks in Scotland and Northern Ireland retain the right to issue bank notes, but only the Bank of England may now issue sterling bank notes in England and Wales. This original £5 note is on display at Tone Dale House, which Thomas Fox built in 1801.
Banknotes of the pound sterling Bank of England note issues The Wellington Foxes, section of Francis Fox of St Germans Coldharbour Mill Tone Dale House The British Museum: A 1921 Fox and Company £5 note
Scottish Widows is a life insurance and pensions company located in Edinburgh, is a subsidiary of Lloyds Banking Group. Its product range includes pensions; the company has been providing financial services to the UK market since 1815 and is the most trusted life and investment provider in the UK according to a 2010 Ipsos study. The company sells products through independent financial advisers, direct to customers and through Lloyds Banking Group bank branches; the well-known investment and asset management arm was sold in 2013 to Aberdeen Asset Management. In March 1812, a number of prominent Scotsmen gathered in the Royal Exchange Coffee Rooms in Edinburgh, they were there to discuss setting up ‘a general fund for securing provisions to widows and other female relatives’ of fundholders so that they would not be plunged into poverty on the death of the fundholder during and after the Napoleonic Wars. Scottish Widows' Fund and Life Assurance Society opened in 1815 as Scotland's first mutual life office.
Its most noteworthy leader was Very Rev James Grant who served as its Director for a record fifty years. In 1999, Lloyds TSB agreed to buy the society for £7 billion; the society demutualised on 3 March 2000 as part of the acquisition. At the time of its takeover, Scottish Widows set up an "additional account" to hold £1.7 billion of the proceeds from the sale. This fund was to be used to enhance terminal bonuses across the company, but was used to compensate guaranteed annuity rate options holders. In April 2009, Lloyds Banking Group announced that the sales team of Clerical Medical would be merged into that of Scottish Widows, the Clerical Medical brand would be phased out. In November 2013, Lloyds Banking Group sold its asset management division, Scottish Widows Investment Partnership to Aberdeen Asset Management in a £660m deal. In 2015, Scottish Widows sold Clerical Medical to international life assurance company RL360°; the Scottish Widow first appeared in a television advert directed by David Bailey in 1986.
Since Scottish Widows has made 10 adverts featuring the Scottish Widow. Four models have portrayed the Scottish Widow, a hooded character featured in the company's advertising; the original Widow, chosen to portray the company’s brand values in the ‘Looking Good’ commercial in 1986, was Deborah Moore, daughter of actor Roger Moore. In 1994, Amanda Lamb took over the role. Hayley Hunt became the third Scottish Widow in 2005. In 2014, the company announced. Scottish Widows was the Official Pensions and Investment Provider of the London 2012 Olympic and Paralympic Games; the company employs Sarah Storey OBE as their Olympic Ambassadors. The establishment of the fund is mentioned in Yuval Harari's 2011 book Sapiens: A Brief History of Humankind. Official website
The United Kingdom the United Kingdom of Great Britain and Northern Ireland, sometimes referred to as Britain, is a sovereign country located off the north-western coast of the European mainland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, many smaller islands. Northern Ireland is the only part of the United Kingdom that shares a land border with another sovereign state, the Republic of Ireland. Apart from this land border, the United Kingdom is surrounded by the Atlantic Ocean, with the North Sea to the east, the English Channel to the south and the Celtic Sea to the south-west, giving it the 12th-longest coastline in the world; the Irish Sea lies between Great Ireland. With an area of 242,500 square kilometres, the United Kingdom is the 78th-largest sovereign state in the world, it is the 22nd-most populous country, with an estimated 66.0 million inhabitants in 2017. The UK is constitutional monarchy; the current monarch is Queen Elizabeth II, who has reigned since 1952, making her the longest-serving current head of state.
The United Kingdom's capital and largest city is London, a global city and financial centre with an urban area population of 10.3 million. Other major urban areas in the UK include Greater Manchester, the West Midlands and West Yorkshire conurbations, Greater Glasgow and the Liverpool Built-up Area; the United Kingdom consists of four constituent countries: England, Scotland and Northern Ireland. Their capitals are London, Edinburgh and Belfast, respectively. Apart from England, the countries have their own devolved governments, each with varying powers, but such power is delegated by the Parliament of the United Kingdom, which may enact laws unilaterally altering or abolishing devolution; the nearby Isle of Man, Bailiwick of Guernsey and Bailiwick of Jersey are not part of the UK, being Crown dependencies with the British Government responsible for defence and international representation. The medieval conquest and subsequent annexation of Wales by the Kingdom of England, followed by the union between England and Scotland in 1707 to form the Kingdom of Great Britain, the union in 1801 of Great Britain with the Kingdom of Ireland created the United Kingdom of Great Britain and Ireland.
Five-sixths of Ireland seceded from the UK in 1922, leaving the present formulation of the United Kingdom of Great Britain and Northern Ireland. There are fourteen British Overseas Territories, the remnants of the British Empire which, at its height in the 1920s, encompassed a quarter of the world's land mass and was the largest empire in history. British influence can be observed in the language and political systems of many of its former colonies; the United Kingdom is a developed country and has the world's fifth-largest economy by nominal GDP and ninth-largest economy by purchasing power parity. It has a high-income economy and has a high Human Development Index rating, ranking 14th in the world, it was the world's first industrialised country and the world's foremost power during the 19th and early 20th centuries. The UK remains a great power, with considerable economic, military and political influence internationally, it is sixth in military expenditure in the world. It has been a permanent member of the United Nations Security Council since its first session in 1946.
It has been a leading member state of the European Union and its predecessor, the European Economic Community, since 1973. The United Kingdom is a member of the Commonwealth of Nations, the Council of Europe, the G7, the G20, NATO, the Organisation for Economic Co-operation and Development and the World Trade Organization; the 1707 Acts of Union declared that the kingdoms of England and Scotland were "United into One Kingdom by the Name of Great Britain". The term "United Kingdom" has been used as a description for the former kingdom of Great Britain, although its official name from 1707 to 1800 was "Great Britain"; the Acts of Union 1800 united the kingdom of Great Britain and the kingdom of Ireland in 1801, forming the United Kingdom of Great Britain and Ireland. Following the partition of Ireland and the independence of the Irish Free State in 1922, which left Northern Ireland as the only part of the island of Ireland within the United Kingdom, the name was changed to the "United Kingdom of Great Britain and Northern Ireland".
Although the United Kingdom is a sovereign country, Scotland and Northern Ireland are widely referred to as countries. The UK Prime Minister's website has used the phrase "countries within a country" to describe the United Kingdom; some statistical summaries, such as those for the twelve NUTS 1 regions of the United Kingdom refer to Scotland and Northern Ireland as "regions". Northern Ireland is referred to as a "province". With regard to Northern Ireland, the descriptive name used "can be controversial, with the choice revealing one's political preferences"; the term "Great Britain" conventionally refers to the island of Great Britain, or politically to England and Wales in combination. However, it is sometimes used as a loose synonym for the United Kingdom as a whole; the term "Britain" is used both as a synonym for Great Britain, as a synonym for the United Kingdom. Usage is mixed, with the BBC preferring to use Britain as shorthand only for Great Britain and the UK Government, while accepting that both terms refer to the United K
Cunliffe, Brooks and Co. was a bank founded in Blackburn, England in 1792. The bank founded by cotton entrepreneur William Roger Cunliffe. In 1819, Samuel Brooks, son of one of the founders, opened a branch of the bank in Manchester. In the 1820s, a second generation Cunliffe opened a London house, at 29 Lombard Street. In 1844, the Manchester bank was listed in an Act of Parliament as one of ten provincial banks working under an arrangement with the Bank of England; the London house merged with Alexanders, a discount house, in 1864, but a new London house, Brooks and Co. was opened at 81 Lombard Street by the sole partner in the Blackburn bank. A new bank building in Manchester was opened in 1868 at nos. 46-48 Brown Street. At the corner where Brown Street meets Chancery Lane is a three-storey oriel with crisp carved ornament and on top an iron crown. In 1900, the bank merged with Lloyds Bank. "'Bank of Blackburn' £1 set to bring £600 at auction". Lancashire Telegraph. 2007-06-10. Retrieved 2007-10-12
British Linen Bank
The British Linen Bank was a commercial bank based in the United Kingdom. It was acquired by the Bank of Scotland in 1969 and served as the establishment's merchant bank arm from 1977 until 1999; the Edinburgh-based British Linen was "the only British bank to be formed on the basis of an industrial charter" and, as the name suggests, its roots lay in the Scottish linen industry. The original driving force behind the formation of the British Linen Company was Andrew Fletcher, Lord Milton, he was a lawyer landowner, had been active in the promotion of The Royal Bank of Scotland and, according to Checkland, "from 1735 to 1766 he was the most important man in the politics of Scotland." He had helped establish the Board of Trustees for Fisheries and Manufactures in Scotland and was the chairman of the board's Linen Committee. In 1727 he had been instrumental in the formation of the Edinburgh Linen Co-Partnery and in the early 1740s Milton wanted to expand it, make it national and capable of marketing in England.
The men who were to see this concept to fruition were "two young and enterprising Edinburgh linen manufacturers", Ebenezer McCulloch and William Tod. They became the managers of the new enterprise, Milton himself becoming deputy manager, their scheme was for "a company on a much bigger scale than hitherto seen in Scotland" and at the height of its operations in the 1750s "it was not just the largest single firm in the Scottish linen industry but in the Scottish economy as a whole". It handled every stage in the manufacture of linen cloth and employed thousands of spinners and weavers. In 1745 a prospectus was duly issued for "The Company for Improving the Linen Manufactury in Scotland". However, the lack of limited liability proved an obstacle to fundraising, the alternative route of a Royal Charter was sought. Progress of the petition was slow due to the Jacobite rebellion and it made no mention of Scotland: "the Scots were looked on with open suspicion as open supporters of the exiled House of Stewart."
The Charter was granted in 1746 in the name of the British Linen Company. In what appeared incidental at the time, the charter included the right to bank unless this was prohibited. McCulloch and Tod were keen from the outset to provide banking services to their trading partners: "they had set their minds on having, `like banks`, promissory notes to pay to agents, weavers and other customers". However, "three years the Company issued true bank notes, payable on demand, non-interest bearing."Despite the increasing provision of banking services, the Company remained an industrial concern through the 1750s but with limited financial success. There were arguments between the founders over withdrawing from manufacture to just financing and marketing other producers. In the 1760s British Linen "began to make the transition from manufacturing to finance, reduced its commitment to the linen industry." McCulloch resigned in 1763 and agreed to take over all the Company's manufacturing leaving British Linen to confine itself to financing.
However, new management discovered that the financial position was worse than expected and the subsequent failure of McCulloch's business meant British Linen got some of its old manufacturing back again. The transition from linen to banking was not complete until the mid 1770s", it was not just the difficulty in withdrawing from the linen industry that made the transition drawn out – there remained uncertainty over the legality of their banking. In 1759 the Company refused a loan to a linen manufacturer because it was "not consistent with the rules". In 1762 the Company took counsel's opinion on the legality of banking and it was only on receiving reassurance that it agreed to open deposit accounts for "friends". A formal "Plan of Trade" was prepared in 1764 to develop banking business but then the directors were clear that they were not trying to rival the Royal Bank or Bank of Scotland and it was not until 1767 that the first credits were given to non-linen people. For years there remained a fear that legitimacy of the Company's banking activities could be challenged by other banks and there were repeated attempts to obtain a new charter.
Despite objections from the Royal and Bank of Scotland, the Company succeeded in 1813 but it was still refused permission to call itself British Linen Bank – a status not achieved until 1906. As British Linen began to develop its banking business, it found it had a ready-made structure in the form of the old linen agencies and these were used to varying degrees. Around 1760 some of the Company's agents "were direct to circulate the Company's notes and to'open accounts with such friends as could be depended on'" Branches opened after 1760 were designed to carry out banking transactions. However, it was not until 1785 that "the time had come for the Company to set up a permanent branch system, with agents related to the Company by proper agreements."The unsystematic progression from linen agency to bank branch makes it difficult to be certain about the number of branches the Company had in the late eighteenth century. Malcolm's list of branch openings suggests that there were 18 bank branches by 1800 and a further 25 added in the first half of the nineteenth century.
The pace of activity accelerated in the second half of the century with over 70 branch openings. The one thing that British Linen did not do was to acquire other banks; the one exception was in 1837. By 1901, British Linen's branch network was given