Examples of Macmillan Gap in a sentence
Meanwhile very small issues (below £50,000) were found to have an even higher expenses ratio, possibly in the order of 20 per cent (though the small numbers involved made assessment more difficult).60 It was generally held that, while transactions costs might be lowered to permit some smaller public issues, market-based City institutions were unsuitable for bridging (as opposed to constricting) the Macmillan Gap.
Page 4 – 2 –All three Phases of the project have currently been developed through RIBA Stage 3 (Developed) design and have progressed into the RIBA Stage 4 (Technical) design process, which is the stage that carries the detailed designs into a formal set of Employer’s Requirements for contract tender.
However, following the report of the Macmillan Committee, Montagu Norman, Chairman of the Bank of England, attempted to establish financial institutions to fill the Macmillan Gap, stating that:‘He had formed the opinion that it was a matter of policy that all banks should assist owing to the public criticism that has been levied against them in not assisting various industries’.35Both investigations and the comments of Norman reflected the scrutiny under which banks fell during this period.
British Banks and Responses to the Macmillan Gap During the 1930s,” Enterprise & Society 8, no.
This lacuna was referred to as the "Macmillan Gap" and this was also one of the few recommendations of the Committee that were actually acted upon.The Industrial and Commercial Finance Corporation (ICFC), was inspired by the Macmillan Committee and formed in 1945 by a combination of the Bank of England and the major UK clearing banks.
As long ago as the 1930s with the identification of the Macmillan Gap, policy makers have been concerned with the failure of the banking and finance industries to serve the needs of real economy businesses in the UK.
It is also important to note that the SME market is characterised by a high percentage (47 per cent) of “permanent non borrowers”, typically micro and smaller businesses that are not capital intensive and are traditionally self-funding.Discussions of SME access to finance issues have a long pedigree, even pre-dating the Macmillan Gap discussions in the 1920s.
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