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Conclusions

In: British Banking, 1960–85

Author

Listed:
  • John Grady
  • Martin Weale

    (Department of Applied Economics and Clare College)

Abstract

By 1960 most controls which had remained after the Second World War had been relaxed or abolished. But, after a brief period of freedom between 1958 and 1960, controls on the clearing banks were tightened during the 1960s. The traditional system of monetary management relied on the requirement that clearing banks held as cash or deposits with the Bank of England 8 per cent of their deposit liabilities, and that they held another 22 per cent of their deposits as specified liquid assets. Administered interest rates were rigidly linked to the bank rate, and under such a system the Bank of England was able to impose both desired administered rates and a target stock of money on the economy (Keynes, 1931).1

Suggested Citation

  • John Grady & Martin Weale, 1986. "Conclusions," Palgrave Macmillan Books, in: British Banking, 1960–85, chapter 9, pages 195-205, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07535-5_10
    DOI: 10.1007/978-1-349-07535-5_10
    as

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