In 1960, the assets held by the top 10 banks (see Figure 4) were equivalent to 40 per cent of national income. By 2010, they had grown to almost five times the size of the economy. Such expansion might have been beneficial if it had improved the productive base of the economy.
Over the last three decades, Britain has become a much wealthier country; real output has nearly doubled.
So the expansion did improve the productive base of the economy then? Doubled it in fact?