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Secondary Banking Crisis Of 1973–1975
The secondary banking crisis of 1973–1975 was a dramatic crash in British property prices that caused dozens of small ("secondary") lending banks to be threatened with bankruptcy. Crisis The secondary banks, like the larger institutions, had been lending heavily based on the previously rising housing prices of the late 1960s and early 1970s, borrowing excessively in relation to the collateral assets. A sudden downturn in house prices and increases in interest rates well before the November 1973 oil crisis left the smaller institutions holding many loans secured by property with lower value than the loans. The Bank of England, led by Jasper Hollom, conducted negotiations resulting in bail-outs of around 30 of the smaller banks and intervened to assist some 30 others. While all of the banks were left able to pay depositors, the Bank of England lost an estimated £100 million. The downturn was exacerbated by the global 1973–74 stock market crash, which hit the UK while it was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Sixties And Seventies
''The'' () is a grammatical article in English, denoting persons or things that are already or about to be mentioned, under discussion, implied or otherwise presumed familiar to listeners, readers, or speakers. It is the definite article in English. ''The'' is the most frequently used word in the English language; studies and analyses of texts have found it to account for seven percent of all printed English-language words. It is derived from gendered articles in Old English which combined in Middle English and now has a single form used with nouns of any gender. The word can be used with both singular and plural nouns, and with a noun that starts with any letter. This is different from many other languages, which have different forms of the definite article for different genders or numbers. Pronunciation In most dialects, "the" is pronounced as (with the voiced dental fricative followed by a schwa) when followed by a consonant sound, and as (homophone of the archaic pron ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1975 In Economics
It was also declared the ''International Women's Year'' by the United Nations and the European Architectural Heritage Year by the Council of Europe. Events January * January 1 - Watergate scandal (United States): John N. Mitchell, H. R. Haldeman and John Ehrlichman are found guilty of the Watergate cover-up. * January 2 ** The Federal Rules of Evidence are approved by the United States Congress. ** Bangladesh revolutionary leader Siraj Sikder is killed by police while in custody. ** A bomb blast at Samastipur, Bihar, India, fatally wounds Lalit Narayan Mishra, Minister of Railways. * January 5 – Tasman Bridge disaster: The Tasman Bridge in Hobart, Tasmania, Australia, is struck by the bulk ore carrier , killing 12 people. * January 7 – OPEC agrees to raise crude oil prices by 10%. * January 10–February 9 – The flight of ''Soyuz 17'' with the crew of Georgy Grechko and Aleksei Gubarev aboard the ''Salyut 4'' space station. * January 15 – Alvor Agreement: Portugal an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1974 In Economics
Major events in 1974 include the aftermath of the 1973 oil crisis and the resignation of President of the United States, United States President Richard Nixon following the Watergate scandal. In the Middle East, the aftermath of the 1973 Yom Kippur War determined politics; following List of Prime Ministers of Israel, Israeli Prime Minister Golda Meir's resignation in response to high Israeli casualties, she was succeeded by Yitzhak Rabin. In Europe, the Turkish invasion of Cyprus, invasion and occupation of northern Cyprus by Turkey, Turkish troops initiated the Cyprus dispute, the Carnation Revolution took place in Portugal, and Chancellor of Germany, Chancellor of West Germany Willy Brandt resigned following an Guillaume affair, espionage scandal surrounding his secretary Günter Guillaume. In sports, the year was primarily dominated by the 1974 FIFA World Cup, FIFA World Cup in West Germany, in which the Germany national football team, German national team won the championshi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1973 In Economics
Events January * January 1 - The United Kingdom, the Republic of Ireland and Denmark 1973 enlargement of the European Communities, enter the European Economic Community, which later becomes the European Union. * January 15 – Vietnam War: Citing progress in peace negotiations, U.S. President Richard Nixon announces the suspension of offensive action in North Vietnam. * January 17 – Ferdinand Marcos becomes President for Life of the Philippines. * January 20 – Richard Nixon is Second inauguration of Richard Nixon, sworn in for a second term as President of the United States. Nixon is the only person to have been sworn in twice as President (First inauguration of Richard Nixon, 1969, Second inauguration of Richard Nixon, 1973) and Vice President of the United States (First inauguration of Dwight D. Eisenhower, 1953, Second inauguration of Dwight D. Eisenhower, 1957). * January 22 ** George Foreman defeats Joe Frazier to win the heavyweight world boxing championship. ** A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic History Of The United Kingdom
The economic history of the United Kingdom relates the economic development in the British state from the absorption of Wales into the Kingdom of England after 1535 to the modern United Kingdom of Great Britain and Northern Ireland of the early 21st century. Scotland, England, and Wales shared a monarch from 1601 but their economies were run separately until they were unified in the 1707 Act of Union. Ireland was incorporated in the United Kingdom economy between 1800 and 1922; from 1922 the Irish Free State (the modern Republic of Ireland) became independent and set its own economic policy. Great Britain, and England in particular, became one of the most prosperous economic regions in the world between the late 1600s and early 1800s as a result of being the birthplace of the industrial revolution that began in the mid-eighteenth century. The developments brought by industrialization resulted in Britain becoming the premier European and global economic, political, and military ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1975 In The United Kingdom
Events from the year 1975 in the United Kingdom. Incumbents *Monarch – Elizabeth II *Prime Minister – Harold Wilson (Labour) *Parliament – 47th Events January * 6 January – Brian Clough, the former manager of Derby County and more recently Leeds United, is appointed manager of Football League Second Division strugglers Nottingham Forest. * 14 January – Seventeen-year-old heiress Lesley Whittle, daughter of the late bus operator George Whittle (1905–1967), is kidnapped from her home near Bridgnorth in Shropshire by Donald Neilson. * 15 January – International Women's Year is launched in Britain by Princess Alexandra and Barbara Castle. * 24 January – Donald Coggan is enthroned as the Archbishop of Canterbury. February * 6 February – Jensen, the luxury carmaker, makes 700 of its employees redundant – cutting its workforce by two-thirds. * 11 February – Margaret Thatcher defeats Edward Heath in the Conservative Party leadership election, becoming the pa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1974 In The United Kingdom
Events from the year 1974 in the United Kingdom. The year is marked by the Three-Day Week, two general elections, a state of emergency in Northern Ireland, extensive Provisional Irish Republican Army bombing of the British mainland, several large company collapses and major local government reorganisation. Incumbents * Monarch – Elizabeth II * Prime Minister ** Edward Heath (Conservative) (until 4 March) ** Harold Wilson (Labour) (starting 4 March) * Parliament ** 45th (until 8 February) ** 46th (starting 6 March, until 20 September) ** 47th (starting 22 October) Events January * January – Britain enters its first post-war recession after statistics show that the economy contracted during the third and fourth quarters of last year* 1 January ** New Year's Day is celebrated as a public holiday for the first time. ** The Northern Ireland Power-sharing Executive is set up in Belfast. * 1 January–7 March – The Three-Day Week is introduced by the Conservative Gover ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1973 In The United Kingdom
Events from the year 1973 in the United Kingdom. Incumbents * Monarch – Elizabeth II * Prime Minister – Edward Heath (Conservative) * Parliament – 45th Events January * 1 January – The United Kingdom, the Republic of Ireland and Denmark entered the European Economic Community. * 4 January – 300 children attacked British Army troops in Derry, Northern Ireland. * 11 January – The Open University awarded its first degrees. * 19 January – The super tug ''Statesman'' was sent to protect British fishing vessels from Icelandic action in the Cod War. * 22 January – British share values fell by £4,000,000,000 in one day. * 25 January – English actor Derren Nesbitt was convicted of assaulting his wife Anne Aubrey. February * 20 February – Two Pakistanis were shot dead by police in London after being spotted carrying pistols, which were later established to have been fake. * 27 February – Rail workers and civil servants went on strike. March * 1 March – Pink Fl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking Crises
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the anc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harold Wilson
James Harold Wilson, Baron Wilson of Rievaulx, (11 March 1916 – 24 May 1995) was a British politician who served as Prime Minister of the United Kingdom twice, from October 1964 to June 1970, and again from March 1974 to April 1976. He was the Leader of the Labour Party from 1963 to 1976, and was a Member of Parliament (MP) from 1945 to 1983. Wilson is the only Labour leader to have formed administrations following four general elections. Born in Huddersfield, Yorkshire, to a politically active middle-class family, Wilson won a scholarship to attend Royds Hall Grammar School and went on to study modern history at Jesus College, Oxford. He was later an economic history lecturer at New College, Oxford, and a research fellow at University College, Oxford. Elected to Parliament in 1945 for the seat of Ormskirk, Wilson was immediately appointed to the Attlee government as a Parliamentary Secretary; he became Secretary for Overseas Trade in 1947, and was elevated to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
October 1974 United Kingdom General Election
The October 1974 United Kingdom general election took place on Thursday 10 October 1974 to elect 635 members of the British House of Commons. It was the second general election held that year, the first year that two general elections were held in the same year since 1910, and the first time that two general elections were held less than a year apart from each other since the 1923 and 1924 elections, which took place 10 months apart. The election resulted in the Labour Party led by Harold Wilson winning a bare majority of just 3 seats. This enabled the remainder of the Labour government, 1974–1979 to take place, which saw a gradual loss of its majority. The election of February that year had produced an unexpected hung parliament. Coalition talks between the Conservatives and other parties such as the Liberals and the Ulster Unionists failed, allowing Labour leader Harold Wilson to form a minority government. The October campaign was not as vigorous or exciting as the one ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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