Episode 1 of 6
Strain on the Bank of England and rising bankruptcies
- When
- 1772–1773
- Where
- Bank of England and London commercial community
- Part of
- Credit Crisis of 1772
The Bank of England's reserves were strained until late 1773, while London bankruptcies rose sharply above their pre-crisis average.
The strain upon the reserves of the Bank of England was not eased until towards the end of 1773. The average number of bankruptcies in London from 1764 to 1771 was 310, but the number rose to 484 in 1772 and 556 in 1773. Despite its sharp and disastrous immediate effects, the crisis passed off more quickly and easily than might have been expected.
Sources
- British credit crisis of 1772–1773 Wikipedia
Machine-drafted from the cited Wikipedia passages and checked by a reviewing model, not by a human editor. Every passage cites the revision it was written from; dates and places follow those passages.