British banking : continuity and change from 1694 to the by Ranald C. Michie

By Ranald C. Michie

The worldwide monetary difficulty made its first visual appeal in Britain in the direction of the tip of 2007 with the failure of the Northern Rock financial institution. It then reached an unheard of depth a yr later while the govt. used to be compelled to intrude to avoid the cave in of Lloyds/HBOS and RBS/Natwest. sooner than those occasions the British banking method possessed an extended demonstrated acceptance for resilience and competence that made it the most prominent and relied on on this planet. The monetary challenge of 2007/8, and the next revelations in regards to the behaviour of bankers, destroyed that recognition and drove a hope for a whole reform of the British banking method. Forgotten during this headlong rush in the direction of radical restructuring have been the explanations why the British banking method had develop into so favorite and relied on. the purpose of this publication is to give an explanation for why the British banking procedure received its recognition for resilience and competence, maintained it for over a hundred years, after which misplaced it in any such fast and unbelievable type.

To in attaining that goal calls for a examine of the whole banking approach. Banks are key elements of a posh economy consistently interacting with one another, and regularly altering through the years, This makes the normal differences drawn among varieties of banks, together with these specialising in overseas finance, mark downs and loans, company lending, and retail deposits and borrowing, beside the point for any long term research. The differences among kinds of banks have been neither absolute nor everlasting yet relative and transitority. Banks have been additionally important to either the funds procedure and the cash marketplace with no which no smooth economic system may functionality. What this publication is ready is the improvement of the British banking method as an entire over greater than 3 centuries. purely with such an figuring out is it attainable to understand what the British banking approach accomplished after which maintained from the center of the nineteenth century onwards, why it was once misplaced in the sort of brief house of time, and what should be performed to come back it to the placement it as soon as occupied. with no such an figuring out the error of the new previous are destined to be repeated time and gain.

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33 See L. Pressnell, Country Banking in the Industrial Revolution (Oxford: OUP, 1956); F. Capie and A. Webber, A Monetary History of the United Kingdom, 1870–1982 (London: Allen & Unwin, 1985). 24 British Banking building societies as they were long engaged in accepting deposits and lending to finance house purchase and a number did become recognized as banks after 1986. 34 In the Appendix at the end of this book, readers can find a detailed chronological account of the number of British banks between 1700 and 2008, British building societies between 1876 and 2010, and British trustee savings banks 1829 to 1967, and another for US banks from 1782 to 2013.

Context and Chronology, 1694–2015 37 or Bank of England notes either at their own office or in London through the bank that acted as their correspondent there. The development of an increasingly efficient and extensive mail service centred on London, allowed for the easy transmission of bills, notes, and instructions. As the Bank of England was the only bank in England and Wales allowed to operate as a joint-stock company, with even partnerships restricted to a maximum of six partners, in the eighteenth century all other banks remained small outside Scotland, and later Ireland.

Though fathers were succeeded by sons these were the exception rather than the rule for it was not possible to rely on the maintenance of either inclination or competence over many generations, considering the limited degree of choice, especially as daughters were excluded from consideration. It was only with the coming of joint-stock companies that a semi-permanence in banking was possible. Even then mergers, takeovers, and bankruptcies took place on a regular basis, continually winnowing the number of banks.

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