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Building Societies

In: Rivalry in Retail Financial Services

Author

Listed:
  • Margaret Rothwell
  • Paul Jowett

    (Monitor Company)

Abstract

The United Kingdom’s retail financial services system is experiencing unprecedented change. Before the war the financial structure was clearly dominated by the banks, and although other types of institutions had been developing throughout the previous century and longer, their effects on financial conditions were considered to be insignificant and accordingly were not even given a passing mention in the Macmillan Report of 1931. By the time of the Radcliffe Report in 1959, the increasing variety of institutions had been acknowledged, but the report still spoke of ‘faults’ in the geological sense, which were difficult for borrowers to cross. In 1980 the Wilson Report stressed the growth of non-bank institutions and drew attention to financial diversification which was leading to the erosion of traditional demarcation lines — in particular to the increasing dissolution of the boundaries between banks and building societies.

Suggested Citation

  • Margaret Rothwell & Paul Jowett, 1988. "Building Societies," Palgrave Macmillan Books, in: Rivalry in Retail Financial Services, chapter 4, pages 99-117, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-09655-8_4
    DOI: 10.1007/978-1-349-09655-8_4
    as

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