a1 University of Birmingham
a2 University of Portsmouth
1 We wish to thank Leslie Hannah, Duncan Ross, Katherine Watson and Nick Woodward for comments on an earlier draft. The paper has greatly benefited from comments received at ESRC Business History Group and Northern Universities Economics and History Group seminars at the LSE and University of Leeds. We also gratefully acknowledge the assistance of the Bank of England Archive, Lloyds Bank Archive and the Public Record Office, and anonymous referees.