Financial institutes important actors in the economy à bank, building societies, insurance firms, money markets, etc.
Despite competition and occasional unemployment à London has retained its status as a global financial centre
High street banks:
The bank of London = Britain’s central bank. Its purpose is to control inflation
Central clearing banks (most important: HSBC, Lloyds TSB, the Royal bank of Scotland, Barclays) = provides with current and accounts, loans and financial advice
Long-established merchant banks:
Advice and finance to commercial and industrial businesses à advise on takeovers and merges; different services for individuals and companies
The London Stock Exchange:
The Stock Exchange revolution 1986:
Greater freedom of operation:
New members allowed
Financial dealers given greater power of dealing à competition increased
Some companies to ambitious à suffered from the world stock market crash in 1987 ß since 1987 financial transactions organized through a computer system = automates the trading process
Financial institutes
High street banks:
The bank of London = Britain’s central bank. Its purpose is to control inflation
Central clearing banks (most important: HSBC, Lloyds TSB, the Royal bank of Scotland, Barclays) = provides with current and accounts, loans and financial advice
Long-established merchant banks:
Advice and finance to commercial and industrial businesses à advise on takeovers and merges; different services for individuals and companies
The London Stock Exchange:
The Stock Exchange revolution 1986:
Gordon brown talks about the new world order:
http://www.youtube.com/watch?v=Uv5cqh26CC0