Industry WIKI

The 1998–99 Ecuador economic crisis was a period of economic instability that resulted from a combined inflationary-currency crisis, financial crisis, fiscal crisis, and sovereign debt crisis. Severe inflation and devaluation of the sucre led to President Jamil Mahuad announcing on January 9, 2000, that the U.S. dollar would be adopted as the national currency. Poor economic conditions a

The sale of the British gold reserve was a policy pursued by HM Treasury between 1999 and 2002, when gold prices were at their lowest in 20 years, following an extended declining market. 395 tonnes of gold, or about half of the reserve, was sold off in a series of auctions, netting the Treasury $3.5 billion. In the ensuing 25 years, from 1999 to 2024, the price of gold increased at an av

During the period 2007–2009, the UK government intervened financially to support the UK banking sector, and four UK banks in particular.

A second bank rescue package totalling at least £50 billion was announced by the British government on 12 January 2009, as a response to the 2008 financial crisis. The package was designed to increase the amount of money that banks could lend to businesses and private individuals. This aid came in two parts: an initial £50 billion made available to big corporate borrowers, and a second u

AIM (formerly the Alternative Investment Market) is a sub-market of the London Stock Exchange that was launched on 19 June 1995 as a replacement to the previous Unlisted Securities Market (USM) that had been in operation since 1980. It allows companies that are smaller, less-developed, or want/need a more flexible approach to governance to float shares with a more flexible regulatory sys

The Baltic Exchange (incorporated as The Baltic Exchange Limited) is a British financial services company and membership organisation for the maritime industry, and freight market information provider for the trading and settlement of chartering and derivative contracts.

The Bank of England (BoE) is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker and debt manager, and still one of the bankers for the government of the United Kingdom, it is the world's second oldest central bank, after Sweden's (1668). It is considered to be one of the wo

The phrase Big Bang, used in reference to the sudden deregulation of financial markets, was coined to describe measures, including abolition of fixed commission charges and of the distinction between stockjobbers and stockbrokers on the London Stock Exchange and change from open outcry to screen-based electronic trading, effected by UK Prime Minister Margaret Thatcher in 1986.

The City of London (informally known as the City or the Square Mile) is a city, ceremonial county and local government district in England. Established by the Romans around 47 AD as Londinium, it forms the historic centre of the wider London metropolis. Surrounded by the modern ceremonial county of Greater London, the City is a unique local authority area governed by the City of London C

Cooperative (or co-operative) economics is a field of economics that incorporates cooperative studies and political economy toward the study and management of cooperatives.

The Debt Management Office (DMO) of the United Kingdom is the executive agency responsible for debt and cash management for the UK Government, lending to local authorities and managing certain public sector funds.

Featherbedding is the practice of hiring more workers than are needed to perform a given job, or to adopt work procedures which appear pointless, complex and time-consuming merely to employ additional workers. The term "make-work" is sometimes used as a synonym for featherbedding.

The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom. It operates independently of the UK Government and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers, and maintains the integrity of the financial markets in the United Kingdom.

The Financial Revolution was a set of economic and financial reforms in Great Britain after the Glorious Revolution in 1688 when William III invaded England. The reforms were based in part on Dutch economic and financial innovations that were brought to England by William III. New institutions were created: a public debt (first government bonds were issued in 1693) and the Bank of Englan

The Financial Services Authority (FSA) was a quasi-judicial body accountable for the regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board (SIB) in 1985. Its board was appointed by the Treasury, although it operated independently of government. It was structured as a company limited by guarantee a

A gold standard is a monetary system in which the standard economic unit of account is defined by a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971, when the United States unilaterally terminated convertibility of the US dollar into gold, effect

His Majesty's Revenue and Customs (commonly known as HMRC) is a department of the UK government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage, and the issuance of national insurance numbers.

His Majesty's Treasury (often shortened to HM Treasury, the Treasury or HMT) is the Government of the United Kingdom’s economic and finance ministry, managing the United Kingdom's public spending and setting its economic policy.

The London Inter-Bank Offered Rate (Libor LY-bor) was an interest rate average calculated from estimates submitted by the leading banks in London. Each bank estimated what it would be charged were it to borrow from other banks. It was the primary benchmark, along with the Euribor, for short-term interest rates around the world. Libor was phased out at the end of 2021, with market partic

The London Metal Exchange (LME) is a futures and forwards exchange in London, United Kingdom with the world's largest market in standardised forward contracts, futures contracts and options on base metals. The exchange also offers contracts on ferrous metals and precious metals. The company also allows for cash trading. It offers hedging, worldwide reference pricing, and the option of ph

The London Platinum and Palladium Market (LPPM) is an over-the-counter trading centre for platinum and palladium and a commodity trading association. London has always been a centre for the research in and development of most of the platinum group metals. Trade was established in the early 20th century, typically by existing dealers of gold and silver. The LPPM has been involved in fixin

The Monetary Policy Committee (MPC) is a committee of the Bank of England, which meets for three and a half days, eight times a year, to decide the official interest rate in the United Kingdom (the Bank of England Base Rate).

Occupy Homes or Occupy Our Homes is part of the Occupy movement which attempts to prevent the foreclosure of people's homes. Protesters delay foreclosures by camping out on the foreclosed property. They also stage protests at the banks responsible for the ongoing foreclosure crisis, sometimes blocking their entrances. It has been compared to the direct action taken by people to prevent h

The Office for Budget Responsibility (OBR) is a non-departmental public body funded by the UK Treasury that provides independent economic forecasts and independent analysis of the public finances.

The Prudential Regulation Authority (PRA) is a United Kingdom financial services regulatory body, formed as one of the successors to the Financial Services Authority (FSA). The authority is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. It sets standards and supervises financial institutions at t

UK Financial Investments (UKFI) was a limited company set up in November 2008 and mandated by the UK government to manage HM Treasury's shareholdings in Lloyds Banking Group, the Royal Bank of Scotland Group and UK Asset Resolution. UKFI ceased trading in March 2018, and its business and assets were transferred to UK Government Investments.

In late 2021, the prices of many essential goods in the United Kingdom began increasing faster than household incomes, resulting in a fall in real incomes. The phenomenon has been termed a cost-of-living crisis. It is due in part to the economic impact of the COVID-19 pandemic, including a global surge in inflation, wage stagnation attributed to the Conservative Party's austerity program

Wake Up to Money is an early morning financial radio programme on BBC Radio 5 Live. It is broadcast from 05:00 to 06:00 each weekday.