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The number of independent banks shrank further during 2008: Northern Rock was nationalised by the UK Government (and is now owned by Virgin Money), followed by Bradford & Bingley; Alliance & Leicester was acquired by Santander, who merged it into Santander UK.
After extensive privatisation of the public sector during the Margaret Thatcher administration, there remain few statutory corporations in the UK. Privatisation began in the late 1970s, and notable privatisations include the Central Electricity Generating Board, British Rail, and more recently Royal Mail.
The bank provides wholesale banking services to the UK Government (and to over a hundred overseas central banks). [22] It manages the UK's Exchange Equalisation Account on behalf of HM Treasury and it maintains the government's Consolidated Fund account. [23]
National Savings and Investments (NS&I), formerly called the Post Office Savings Bank and National Savings, is a state-owned savings bank in the United Kingdom. It is both a non-ministerial government department [ 2 ] and an executive agency of HM Treasury . [ 3 ]
The UK Infrastructure Bank Act stipulates that the bank must publicly publish annual reports, and present them to parliament. [17] The UK Infrastructure Bank Act received royal assent in 2023. [17] [18] In January of that year, a Public Accounts Committee released a report analysing the bank's performance after its first 18 months in operation ...
A public bank is a bank, a financial institution, in which a state, municipality, or public actors are the owners.It is an enterprise under government control. [1] Prominent among current public banking models are the Bank of North Dakota, the Sparkassen-Finanzgruppe in Germany, and many nations' postal bank systems.
Gilts are mainly bought by financial institutions in the UK and abroad, such as pension funds, investment funds, banks and insurance companies. The government sells short and long-term gilts to ...
British Business Bank plc (BBB) is a British state-owned economic development bank established by the UK Government.Its aim is to increase the supply of credit to small and medium enterprises (SMEs) as well as providing business advice services.