chapter  3
20 Pages

Power, Policy and the City of London: Michael Moran

These restrictions were reinforced by the fact that another set of key questions - concerning who should be admitted to markets and what degree of ownership concentration was allowable - were also settled inside the City. In the case of banking, for instance, it was the Bank of England which effectively controlled the terms of mergers between institutions, and it was the Bank also which determined whether, and under what conditions, a new enterprise could be admitted to the banking community. Important questions about the rules which should govern the prudent and honest conduct of business were likewise decided by the City itself.