Ellwood Agonistes

PETER ELLWOOD, chief executive of Lloyds TSB, keeps a well-thumbed copy of Clausewitz's “On War” in his office. It helps him, he says, to think about strategies for future conquests. So far, though, Mr Ellwood's own warlike attempts have fallen flat. This week, Patricia Hewitt, the trade and industry secretary, accepted a recommendation of the Competition Commission and blocked Lloyds TSB's £18 billion ($25 billion) bid for Abbey National. This puts an end, in effect, to further consolidation among big banks in Britain.