Abstract
Sowels highlights the historical background of the US–UK relationship and the various phases it has been through. He shows that despite being deep-rooted and based on the same ethos, it is not devoid of complexity. Sowels argues that the relationship between the two countries in the field of finance is characterized by both synergies and economic rivalry. Indeed, even though those economic partners can be complementary and even cooperate in this sector, they are also direct competitors in some financial mar and Capital Markets Department kets. But however true this can be at a certain time, roles can change as circumstances evolve. Be that as it may, this side of the Anglo-American relationship appears much more balanced than it is in the international political and military spheres.
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Notes
- 1.
N. Macpherson (2014) ‘The Treasury view: a testament of experience’, Speech by the Permanent Secretary to the Treasury, 15 January.
- 2.
L. Panitch and S. Gindin. (2012), The Making of Global Capitalism: The Political Economy of American Empire, (London: Verso), p. 117.
- 3.
M. Friedman (1971) ‘The Need for Futures Markets in Currencies’, 20 December, reproduced in the Cato Journal, Vol 31, No 3 (Fall 2011), Cato Institute.
- 4.
Bank of England (1961) ‘The Overseas and Foreign Banks in London’, Quarterly Bulletin, 3rd quarter.
- 5.
Bank of England (1986) ‘International banking in London, 1975–1985’, Quarterly Bulletin, 3rd quarter, September, pp. 367–378.
- 6.
J. Viñals (2014), ‘Finish the Job on Financial Regulation’, blog posted on January 23, 2014 by iMFdirect.
- 7.
ICE Benchmark Administration (2014) ICE Libor.
- 8.
Federal Reserve (2014) Structure Data for the U.S. Offices of Foreign Banking Organizations.
- 9.
A. Darling (2011) Back from the Brink: 1000 Days at Number 11 (London: Atlantic Books), pp. 123–124.
- 10.
Barclays (2008) ‘Barclays announces agreement to acquire Lehman Brothers North American investment banking and capital markets businesses’, press release, 17 September.
- 11.
P. Alessandri and A. Haldane.(2009) Banking on the State, Paper, Bank of England, p. 6.
- 12.
This summary draws on the Wikipedia article relating to the Dodd Frank Act.
- 13.
J. Vickers (2013) Chair of the Independent Commission on Banking, Final Report: Recommendations, September 2013, p. 13.
- 14.
Ibid, p. 11.
- 15.
J. Grand (2014), ‘Low rates are jamming the economy’s vital signals’, The Financial Times, 12 October.
- 16.
D. Beetham. (2011) Unelected Oligarchy: Corporate and Financial Dominance in Britain’s Democracy, Democratic Audit.
- 17.
R. Booth. et al. (2014), ‘Tory summer party drew super-rich supporters with total wealth of £11bn’, The Guardian, 1 July.
- 18.
A. Davidson (2012) ‘London Is Eating New York’s Lunch’, The New York Times, 29 February.
- 19.
Y/Zen for the Qatar Financial Centre Authority (2014) The Global Financial Centres Index 15, March.
- 20.
S. Nasiripour. and K. Scannell. (2013) ‘UK banks hit by record $2.6bn US fines’, The Financial Times, 11 December.
- 21.
G. Parker (2014) ‘US “bullying” UK banks and hindering legal trade with Iran’, The Financial Times, 26 March.
- 22.
N. Irwin (2014) ‘In BNP Paribas Case, an Example of How Mighty the Dollar Is’, The New York Times, The Upshot, 1 July.
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Sowels, N. (2017). The Role of Finance in US–UK Relations Today and Its Global Influence. In: Groutel, A., Pauwels, MC., Peyronel, V. (eds) Revisiting the UK and Ireland’s Transatlantic Economic Relationship with the United States in the 21st Century. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-58550-9_5
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