PM faces calls to 'save' Lloyds TSB Foundation for Scotland

More than 1,500 sign SCVO petition on 10 Downing Street website

A petition calling on Prime Minister Gordon Brown to "save" the Lloyds TSB Foundation for Scotland has attracted 1,540 signatures.

The Scottish Council for Voluntary Organisations set up the petition on the 10 Downing Street website on 27 October.

The petition calls on Brown to intervene to save the foundation, which has said it will suspend its grant-making in less than two months after rejecting a funding proposal from the Lloyds Banking Group.

The group offered the foundation £25m of bridging funds over four years. But the offer was conditional on the foundation accepting a cut in the amount it receives from the group in future from 1 per cent to 0.5 per cent of pre-tax profits, the placing of senior bank staff on its board and the ceding to the bank of decisions about where money is spent.

Mary Craig, chief executive of the Lloyds TSB Foundation for Scotland, said the proposal would make the foundation into a marketing arm of the group.

Lucy McTernan, deputy chief executive of the SCVO, said: "Over the past year the Lloyds Banking Group has received billions in government bailout.

"It is now 43 per cent owned by the taxpayer. The SCVO calls on Gordon Brown to step in to ensure that the Lloyds Banking Group commits to retaining the existing terms and conditions of the Lloyds TSB Foundation."

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