At the same time,
it has performed poorly in one of its core functions, that of providing finance
for investment in British businesses.94 Loans to UK businesses account for only
5 per cent of total UK bank assets – around a third of the proportion across
the Eurozone, with UK banks lending a much higher proportion for land and
The UK has an Anglo Saxon style corporate financing system. We use equity and markets much more than do the continentals. This is not an error nor failure, it’s just different.