Consolidation and Competence, 1825–1914
Consolidation and Competence, 1825–1914
Between 1825 and 1914 banking in Britain was transformed. In the place of numerous individual banks with few branches and doing a largely local business, there appeared a small number of large banks with numerous branches and nationwide operations. The result was a much more stable banking system. These large banks possessed the scale that made them resilient in the face of crises and large enough to recruit, train, and supervise their staff, so becoming highly professional in the conduct of their business. These banks were also open to inspection by qualified accountants so helping to increase public trust in their stability. Many have attributed the change to the legislation beginning in 1826, that permitted the formation of joint-stock banks but it was not until much later that nationwide joint-stock banks began to dominate the British banking system.
Keywords: legislation, Bank Charter Act, joint-stock banks, Barclays, Lloyds, National Provincial, bank audits, Midland, Westminster
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