By Richard Roberts
- The Economist sequence offers strong, transparent writing on an issue with regards to their backyard
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Additional resources for The City: A Guide to London's Global Financial Centre (The Economist Series)
Example text
The Conservative administration that came into power in 1970 was sympathetic to arguments that the controls were inhibiting the UK’s economic performance and in 1971 adopted a new policy for the banking sector, “Competition and Credit Control”. This package of reforms eliminated the banking cartel and allowed competition among bankers in lending. The immediate and unanticipated effect was a credit boom that fuelled a property boom and price inflation. Rise of the Euromarkets The drama of takeover bids and the revival of the City’s domestic business overshadowed the rise of a new international market: the Eurodollar market.
The “aluminium war” put the City on the front pages and turned merchant bankers into celebrities. Change was under way in the Square Mile. Before the late 1950s corporate mergers and acquisitions had been handled by accountants, but in the 1960s the resurgent merchant banks made the business their own. They also moved into pension-fund management, taking business from life insurance companies and getting new mandates as their corporate clients began their own self-administered schemes. There was even a revival of their trade finance and other banking activities and the development of hire purchase and leasing.
In South America, where initially commerce was conducted illegally with the Spanish and Portuguese colonies. Along the eastern seaboard of North America, where British settlers harvested cod and timber and later grew crops such as cotton and hemp. Another monopoly trading company, the Hudson Bay Company, was given a charter in 1670 to develop trade in the remote north; and in 1711 the South Sea Company was granted exclusive rights to trade with Spanish America, chiefly in slaves from Africa. However, the slave trade proved disappointingly unprofitable and the company’s management decided to deploy its resources by buying up a large part of the British national debt.