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Banking in the United Kingdom can be considered to have started in the Kingdom of England in the 17th century. The first activity in what later came to be known as banking was by goldsmiths who, after the dissolution of English monasteries by Henry VIII , began to accumulate significant stocks of gold.
The sector contributed a gross value of £86 billion to the UK economy in 2004. [3] 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 ...
The retail and commercial banking markets are dominated by HSBC, Barclays, Lloyds Banking Group and NatWest Group in addition to Spanish-owned Santander UK which some people [who?] argue should be a part of the "Big 4" making it the big 5, however its Spanish origins hinder its credibility as a British bank despite its ability to act ...
The Independent Commission on Banking was a United Kingdom government inquiry looking at structural and related non-structural reforms to the UK banking sector to promote financial stability and competition in the wake of the financial crisis of 2007–08. It was established in June 2010 and produced its final report and recommendations in ...
UK Finance is a British trade association for the UK banking and financial services sector that was formed on 1 July 2017. [1] It represents over 300 firms in the UK providing credit, banking, markets and payment-related services.
The British Bankers' Association (BBA) was a trade association for the UK banking and financial services sector. From 1 July 2017, it was merged into UK Finance.. It represented members from a wide range of banking and financial services.
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The mortgage industry of the United Kingdom has traditionally been dominated by building societies, the first of which opened in Birmingham in 1775. [1] But since the 1970s, the share of new mortgage loans market held by building societies has declined substantially. Between 1977 and 1987, the share fell drastically from 96% to 66%, and that of ...