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British BankingContinuity and Change from 1694 to the Present$
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Ranald C. Michie

Print publication date: 2016

Print ISBN-13: 9780198727361

Published to Oxford Scholarship Online: December 2016

DOI: 10.1093/acprof:oso/9780198727361.001.0001

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Comments and Conclusion

Comments and Conclusion

(p.264) 10 Comments and Conclusion
British Banking

Ranald C. Michie

Oxford University Press

By the nineteenth century a banking system had emerged in the UK which exhibited its resilience in the twentieth, through two world wars and a global depression. Critics saw lack of competition and failure to provide manufacturing industry with the finance it required. After the Second World War, the banking system in general, and the City of London in particular, were blamed for Britain’s long-term economic decline, especially in manufacturing. Any stability was credited to the Bank of England, now under direct government control. What the financial crisis of 2007/8 has done is re-emphasize the importance to the economy of a banking system that is resilient. What it has not done, however, is to create an awareness that over the course of the nineteenth and twentieth centuries the British banking system was the envy of the world, balancing resilience with competition and without the support of government.

Keywords:   resilience, stability, competition, financing manufacturing, Bank of England, lender of last resort, financial crisis 2007/8

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