Royal Insurance And Sun Alliance Merger

EDM number 1124 in 1995-96, proposed by Doug Hoyle on 09/07/1996.

That this House totally condemns the Royal Insurance and Sun Alliance merger which will result in the loss of over 4,000 jobs; deplores the complete lack of consultation between the company and employees prior to the announcement; notes that the decision was taken for the benefit of shareholders and not the employees or the consumer; further believes that, if implemented, such a merger will act as starting a pistol for other mergers within the financial services sector, resulting in even further loss of jobs and poor service for the consumer throughout the financial services; condemns the decision of the Secretary of State for Trade and Industry not to receive a deputation on behalf of those interested financial sector organisations; and calls upon the Government to review its approach to the finance sector because of this merger and the dangers of further monopoly practices which would arise if this merger is allowed to proceed.

This motion has been signed by a total of 85 MPs.