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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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Competition and Complacency, 1997–2007

Competition and Complacency, 1997–2007

(p.202) 8 Competition and Complacency, 1997–2007
British Banking

Ranald C. Michie

Oxford University Press

The 1997 change in government ushered in a new era for banking regulation in Britain. Instead of the Bank of England having responsibility for supervising the banking system, a new body was created, the Financial Services Authority, charged with regulating the entire financial sector. This left the Bank of England with responsibility for financial stability, which was interpreted very narrowly as monetary stability by the new Governor, Mervyn King. Increasingly government saw the banking system as a dynamic sector that would drive growth in the British economy, freed from the controls of the past and incentivized by increased competition. Between 1997 and 2007 this plan did appear to be working as the banks and ex-building societies actively competed for deposits from savers and in making loans to borrowers, especially on the basis of property ownership and development. Profits grew as did the scale and ambitions of the leading banks.

Keywords:   Bank of England, Financial Services Authority, property ownership, Eddie George, Mervyn King

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