Cluster effect helps explain size of UK banking sector, BoE bulletin finds
Banking sector is 4.5 times the size of UK’s nominal GDP
An article in the Bank of England's latest quarterly bulletin, published today, finds that on "each standard metric the UK banking system is large relative to most other major economies".
The authors – Oliver Bush, Samuel Knott and Chris Peacock – find the wider financial system in the UK has "benefited from firms and people locating near one another in clusters".
This means the UK "may be able to provide banking services more efficiently than other countries".
Over the past 40 years the size of
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