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City approves of M&S plans to cut back on investment

Shares in HBOS surged for a second day running after a big investor came out in favour of the proposed takeover by Lloyds TSB on the terms on offer and it emerged that Standard Life had bought a chunk of shares in the bank.

Shares in HBOS surged for a second day running after a big investor came out in favour of the proposed takeover by Lloyds TSB on the terms on offer and it emerged that Standard Life had bought a chunk of shares in the bank.