chapter
UK Financial Sector's Savings and Investments
Pages 4

The inclusion of the State's direct-savings placements as part of the financial sector's assets has a considerable effect on the bank versus non-bank shares of the market assets. In particular, it makes the recorded divergence between the movement of bank and non-banking assets much more marked after 1914. As a consequence, the bank and discount company share of the adjusted total of financial assets are shown to fall below 50 per cent in 1930 rather than in 1934, and, except for a very modest recovery in the war years, this downward trend is sustained right up to 1962 when their share accounted for 34 per cent of the outstanding financial sector's assets.