In response to calls for an annual Office of Fair Trading report on the impact on competition, Ms Cooper said that the government had held talks with the OFT and recognised that Northern Rock should not "enjoy inappropriate unfair competition" with other banks or building societies.

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This is an area where MS could make an impact on its earnings in 2011.

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"The scale of this is so outsized I think it will have a huge impact on the life sciences, " Ms Bargmann said.

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