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The industry employed around 1.2 million people in the third quarter of 2012 (around 4% of the British workforce). The estimated amount of total taxes paid by the Financial Services Sector in the year to 31 March 2012 is £63bn, 11.6% of the total UK government tax receipts. [4]
The largest of the "Big 4" banks in every relevant metric is HSBC Holding (the HongKong and Shanghai Banking Corporation) which, despite its name, is a British universal bank and financial services group headquartered in London, with historical links to business in East Asia.
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. England uses the pound sterling which is the world's oldest currency that is still in use and that has been in continuous use. [201]
Nationwide Building Society is the largest retail bank in the United Kingdom, [2] and the world's largest building society, serving over 16 million members. [3] It operates as a British mutual financial institution, meaning it is owned by and run for the benefit of its members.
As of 11 October 2008, the British banks have short-term liabilities equal to 156% of GDP or 368% of the British national debt, while the average leverage ratio (assets/net worth) is 24 to 1. [9] The Financial Services (Banking Reform) Act 2013 calls for a paradigmatic shift toward the principle adopted by the US of risk averse strategies. This ...
One study found that in the five years 1987-1992, the building societies collectively outperformed the UK clearing banks on practically all the major growth and performance measures. The societies' share of the new mortgage loans market of 75% in 1990-91 was similar to the share level achieved in 1985.
HuffPost Data Visualization, analysis, interactive maps and real-time graphics. Browse, copy and fork our open-source software.; Remix thousands of aggregated polling results.
On 8 October 2008 there was a strategic and co-ordinated global effort by seven central banks to calm the financial crisis, by cutting interest rates by 0.5%. The banks were all members of the OECD and included the Bank of England , the European Central Bank and the US Federal Reserve along with central banks in China, Switzerland, Canada and ...