Positive Aspects of Financial Institutions on the UK Society
The UK is the second largest financial economy of the world with London being a major international financial sector for business and commerce. In 2008 the country was hit by the greatest recession in British records. However the economy has grown by 1.2 percent in the second quarter of the year 2010 with the help of various bail out plans by UK financial systems. The finance industry in the UK includes a broad range of banking services and financial companies including insurance companies, private banks, credit card companies, consumer finance companies, stock brokerages, investment funds and some government sponsored enterprises that deal with the management of money and in providing financial securities to their customers.
The UK government announced on a major reform of financial sector regulation, in the wake of the global economic crisis. The UK financial institutions play a vital role in the growth and development of businesses mainly due to the fact that these institutions decide grants and the interest rates on loans for business owners. An independent commission on the banking industry will be set up to consider the structure of banking in the UK, with a view to reduce risks and increase competition, transparency and accountability of British financial institutions. The liberal changes in banking laws in the UK have allowed commercial banks to do investing, mortgage loan lending, brokerage, real estate, borrowing, advisory and others in a very systematic manner giving the common people greater prospects in the community.
The UK financial institutions and building societies have been helping in the bloom of the country's economy by offering personal loans, savings, mortgage lending, business loans, current accounts, deposit accounts, online banking to the public and have been helping large scale businesses from bad debt and bankruptcy. The Bank of England, one of the world's oldest central bank has been using monetary policy to achieve financial stability in the United Kingdom. A global financial services company, HSBC, headquartered in London, offering different financial products to businesses and influencing international financial markets. SearchMe4 is a local information and business directory that provides contact details of the UK banks.
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Questions and Answers
Financial services refer to services provided by the finance industry. The finance industry includes a broad range of organizations including insurance companies, banks, credit card companies, consumer finance companies, stock brokerages, investment funds and some government sponsored enterprises, that deal with the management of money and in providing financial securities to their customers.
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