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Credit controls incited high-cost evasion

11 November 2015

In a letter published in the Financial Times, GR Steele comments on the warning that the Bank of England may introduce rationing by way of credit controls. He says that the credit controls of the 1960s and 1970s, while different in detail, incited all manner of high-cost evasion: disintermediation, parallel banking and offshore funding.

View article on the FT website