Britain's Banking and Financial Institutions

Britain is the world's leading financial centre and the home of international banking and financial markets. The city of London holds the greatest concentration of banks in the world and is responsible for about a fifth of total international bank lending. It also accommodates the world's largest insurance and reinsurance industry and one of the world's largest stock exchanges.

The daily turnover of money in London's Foreign exchange Markets alone is about $303 billion compared to $192 billion in New York and $128 billion in Tokyo.

Over the last Britain's income from banking, financial and business services, life and general insurance, investment management and leasing has risen sharply, accounting for some 14 per cent in 1990.

During the 1980s — a decade marked by unprecedented growth, financial institutions entered a new and challenging era. Reforms also brought specific areas of service into line with other Member States in the European Union. Major retail banks serving the personal and commercial sectors have extended and improved their product and service range. The interests of individual investors have been protected and financial service institutions have submitted to guidelines.

Britain's leading position owes much to the traditionalism of the City and Port of London as a centre for trade; also to the City's responsiveness to new challenges. The City offers:

The world's biggest international financial markets.

A time-zone advantage in 24-hour global dealings.

Comprehensive financial expertise and innovation.

International professional advisers.

Liberal financial regulations.

Worldwide communications.

A stable political climate.

A compact location with first rate amenities (and new, prime office developments in nearby Docklands).

World-class cultural entertainment.

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1. How did banking reforms taken in the 1980 affect retail banks?

2. What place do London Foreign Exchange Markets take as compared to stock exchanges in other countries?

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Banking and Finance

Banking and financial market operations in Britain involve a number of special institutions and financial markets. Many banking and financial institutions are unique to Britain and offer highly specialized services to individuals, companies and sovereign bodies all over the world.