In 1971 the authorities brought about reforms in the British banking system and techniques of monetary control which were of a magnitude and importance unparalleled in all the years since 1945. The substance of the reforms was set out in a series of official documents, statements and speeches and the reforms themselves and the changed conditions they initiated can be referred to collectively as Competition and Credit Control, after the title of the consultative document in which the Bank first published its proposals.1
KeywordsInterest Rate Monetary Policy Money Market Treasury Bill Finance House
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