By Margaret Reid
An research which locations London in its international monetary environment and strains, with new aspect, the origins of "Big Bang". It makes an attempt to research the fewer frequent evolution of many urban associations, together with the massive banks - whose enterprise and way of life is tested - the recent funding banks, the service provider banks and London's significant overseas banking fraternity. specific scrutiny is given to the financial institution of britain, with its unusual intermediate prestige among govt and town, whereas the robust new making an investment associations and the City's new watchdog regulatory process additionally obtain shut exam.
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Extra info for All-Change in the City: The Revolution in Britain’s Financial Sector
For, since the troubled mid-seventies, a 'general service' charge towards the Exchange's own increasing costs had been levied at varying rates. From the yield of this, which is published, it is possible to make a rough rule-of-thumb calculation 3 of the total revenue, the largest part of it derived from commissions on dealing for clients, of the Stock Exchange's firms. Thus revenue looks to have risen from some £190m in the drab year of 1976-7 to around £265m in 1979-80, the first mainly 'Thatcher' year, which saw better markets.
Sir Nicholas Goodison's approach to the government on this occasion seeking the calling off of the case proved the last of several he had made over the years on the subject and the one which had the most dramatic sequel. Ironically, on the very eve of his crucial meeting with Mr Parkinson, he presided over a Stock Exchange dinner to leading merchant bankers. A top banker who was among the guests later looked back on the occasion and recalled not the faintest hint that Sir Nicholas had any thought the Off case might be aborted: 'If Nicholas then expected what subsequently happened, he's a great actor', he remarked.
On the Stock Exchange case it queried whether the procedure via the Court was the best way to consider the matters at issue. Having suggested that there was cause to doubt whether the existing Stock Exchange system would be able to continue without substantial change, irrespective of the Court's decision, it went on: Public debate about possible alternatives has been muted by the Stock Exchange's understandable unwillingness to do anything which might weaken its position before the Court. We believe that consideration of alternatives is now urgent and suggest that the Council for the Securities Industry [the then top City watchdog] is the body to undertake this task.
All-Change in the City: The Revolution in Britain’s Financial Sector by Margaret Reid