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 exceptional depth a 12 months later while the govt. was once compelled to interfere to avoid the cave in of Lloyds/HBOS and RBS/Natwest. ahead of those occasions the British banking process possessed an extended validated recognition for resilience and competence that made it essentially the most popular and depended on on the planet. The monetary concern of 2007/8, and the following revelations concerning the behaviour of bankers, destroyed that acceptance and drove a wish for an entire reform of the British banking approach. Forgotten during this headlong rush in the direction of radical restructuring have been the explanations why the British banking process had develop into so in demand and relied on. the purpose of this e-book is to provide an explanation for why the British banking process won its attractiveness for resilience and competence, maintained it for over a hundred years, after which misplaced it in any such swift and wonderful model.
To in attaining that objective calls for a examine of the full banking method. Banks are key elements of a posh economic climate constantly interacting with one another, and always altering through the years, This makes the normal differences drawn among sorts of banks, together with these specialising in overseas finance, discount rates and loans, company lending, and retail deposits and borrowing, irrelevant for any long term research. The differences among varieties of banks have been neither absolute nor everlasting yet relative and transitority. Banks have been additionally relevant to either the funds procedure and the money industry with out which no smooth economic system may functionality. What this ebook is ready is the advance of the British banking method as an entire over greater than 3 centuries. merely with such an figuring out is it attainable to understand what the British banking method accomplished after which maintained from the center of the nineteenth century onwards, why it used to be misplaced in this sort of brief area of time, and what should be performed to come it to the placement it as soon as occupied. with no such an knowing the blunders of the hot prior are destined to be repeated time and gain.
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Extra resources for British banking : continuity and change from 1694 to the present
C. A. 31–55. 87. 4. 184–8, 302–11. 190. 7, 53–4. 7 F. 11. 8 For a recent use of the 2008 date by the staff at the Bank of England see Z. Liu, S. Quiet, and B. 2–8. 18 British Banking This long period without crises meant that the contribution made by British banks to stability was increasingly taken for granted. 10 This neglect of stability as an important element within British banking has been recognized as a fundamental ﬂaw in the light of the 2007/8 ﬁnancial crisis. 11 Contributing to that attitude was the belief that stability was only partly the product of what the banks had done, and then to a lesser degree.
27 Making it difﬁcult to resolve the various explanations for the rise and fall of British banking stability is the absence of long-run data covering even such basics as the number of banks. Neither the government nor the Bank of England systematically collected this information. ’ In failing to do so they were typical of most countries, with the USA being the main exception. ’28 In the New Dictionary of Statistics, which was published in 1911, the compiler, Augustus D. Webb, was able to draw upon the Statistical Abstract of the United States for annual information on the number of US banks but lacked an equivalent source for other countries.
That peak was never again exceeded for a gradual decline then took place, punctuated with occasional rises and falls over the course of the nineteenth century. By the 1920s the number of UK banks had settled down to a ﬁgure of under 200, and slowly fell to half that over the next 100 years, though there was a brief ﬂurry in the 1960s/70s. This stability in the number of UK banks, especially during the twentieth century, has led many to see British banking as a static system in which the existing banks were immune from the competition that came from new entrants.
British banking : continuity and change from 1694 to the present by Ranald C. Michie