Further Considerations on the EMU: It will create instability and destroy employment

In the UK, a large number of banks and building societies compete to take deposits and to lend. In consequence any British company or family which can offer adequate security can obtain all the finance it requires at interest rates close to the rate the Bank of England establishes. Because of the intense competition in the market for finance in the UK, this is allocated according to who can afford to pay the market rate of interest and not through administrative decisions by those who control particular banks.

Walter Eltis - Monday, 26th October, 1998