Abstract
The gist of this article boils down to the development of British banking system in the conditions of new industrialization and digitalization. The banking system of Great Britain is characterized by a high degree of concentration and specialization of banking, a well-developed banking infrastructure, and a close connection with the international loan capital market. London is the world's oldest financial center. The English banking system has the world's widest network of overseas branches. The UK banking system is relatively independent from the credit systems of the European Union. Nevertheless, banking legislation is focused on the unification of banking law within the European Community and supervision of banking activities. In the context of the global financial crisis, the UK banking system, as in other countries, has been severely tested. The most important trend in the development of the UK banking system is the blurring of boundaries between certain types of credit institutions. The subject of the research is the UK banking system in the context of new industrialization and digitalization.
Highlights
Monetary circulation, as the movement of money in cash and non-cash forms, associated with the purchase and sale of goods, as well as payment for services and works, appeared a long time ago [1,2,3,4,5,6,7,8,9,10]
In the context of new industrialization and digitalization, the Bank of England has been entrusted with responsibilities for regulation and control in the banking sector
It should be noted that London is the world's oldest financial center
Summary
As the movement of money in cash and non-cash forms, associated with the purchase and sale of goods, as well as payment for services and works, appeared a long time ago [1,2,3,4,5,6,7,8,9,10]. The functioning of any economic system is not possible without a competent organization of monetary circulation. The functioning of monetary circulation ensures economic growth, and, an increase in the well-being of the population of each individual country [11]. It is quite fair to touch upon the banking system, the functioning of which is closely related to the use of money. The banking system acts as a kind of employer for all types of money, since it is credit relations that allow economic entities to efficiently use funds. The banking system contributes to the accumulation of free funds and savings of economic entities, which, leads to their efficient use and development of the economy
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