British Politics

, Volume 7, Issue 1, pp 69–81 | Cite as

The future has been postponed: The Great Financial Crisis and British politics

  • Sukhdev Johal
  • Michael MoranEmail author
  • Karel Williams
Original Article


The Great Financial Crisis was the most profound financial and regulatory crisis in the United Kingdom since before the First World War. It should have an equally fundamental impact on the future of the governing system. Yet the signs are that radical change is not happening. The explanation for this throws light on the structure of the politics of the financial elite, on the decay of political parties and on the difficulties in converting civil society activism into effective policy reform. The future will be postponed until some means is found of linking programmatic action with civil society discontent.


financial crisis regulation City of London civil society protest 



  1. Bank of England. (2008) Financial Stability Report. October 2008, Issue no. 24. London: Bank of England.Google Scholar
  2. Bischoff, W. and Darling, A. (2009) UK International Financial Services – The Future: A Report from UK Based Financial Services Leaders to the Government. London: HM Treasury.Google Scholar
  3. Bureau of Investigative Journalism. (2011) City financing of the conservative party under Cameron,, accessed 15 November 2011.
  4. Conservative Party. (2011) Donor clubs,, accessed 28 April 2011.
  5. Curtice, J. and Park, A. (2011) A tale of two crises: banks, MPs’ expenses and public opinion. In: A. Park, M. Phillips, E. Clery and J. Curtice (eds.) British Social Attitudes Survey 2010–2011. Exploring Labour's Legacy – The 27th Report. London: Sage, pp. 131–154.Google Scholar
  6. Davis, A. (2000) Public relations, business news and the reproduction of corporate elite power. Journalism 1: 436–455.CrossRefGoogle Scholar
  7. Davis, A. (2002) Public Relations Democracy: Politics, Public Relations and the Mass Media. Manchester: Manchester University Press.Google Scholar
  8. Elliott, L. and Atkinson, D. (2007) Fantasy Island. London: Constable.Google Scholar
  9. Engelen, E. et al (2011) After the Great Complacence: Financial Crisis and the Politics of Reform. Oxford: Oxford University Press.CrossRefGoogle Scholar
  10. Froud, J., Moran, M., Nilsson, A. and Williams, K. (2010a) Opportunity lost: Mystification, elite politics and financial reform in the UK. In: L. Panitch, G. Albo and V. Chibber (eds.) The Crisis This Time. London: Merlin Press, pp. 98–119.Google Scholar
  11. Froud, J., Nilsson, A., Moran, M. and Williams, K. (2010b) Wasting a crisis? Democracy and markets in Britain after 2007. Political Quarterly 81 (1): 25–38.CrossRefGoogle Scholar
  12. House of Lords. (2002) Select committee on City of London (Ward elections) Bill: Examination of witnesses, Dr M. Glassman. 8 October,, accessed 16 November 2011.
  13. Independent Commission on Banking. (2011a) Interim Report: Consultation on Reform Options. London: Independent Commission on Banking.Google Scholar
  14. Independent Commission on Banking. (2011b) Independent Commission on Banking Final Report: Recommendation. London: Independent Commission on Banking.Google Scholar
  15. Jenkins, P. and Goff, S. (2011) Diamond gives surprise welcome to Vickers. Financial Times 13 September,, accessed 17 November 2011.
  16. Johal, S., Moran, M. and Williams, K. (2011) The financial crisis and its consequences. In: N. Allen and J. Bartle (eds.) Britain at the Polls 2010. London: Sage, pp. 89–119.Google Scholar
  17. Moran, M. (1986) The Politics of Banking. London: Macmillan.CrossRefGoogle Scholar
  18. Pickard, J. (2011) Miliband's business crusade draws fire. Financial Times 28 September,, accessed 16 November 2011.
  19. Pinto-Duschinsky, M. (1981) British Political Finance 1830–1980. Washington: American Enterprise Institute.Google Scholar
  20. Shaxson, N. (2011a) The tax haven in the heart of London. New Statesman 24 February.Google Scholar
  21. Shaxson, N. (2011b) Treasure Islands: Tax Havens and the Men Who Stole the World. London: Bodley Head.Google Scholar
  22. Thain, C. (2004) Treasury rules ok? The further evolution of a British institution. British Journal of Politics and International Relations 6 (1): 123–130.CrossRefGoogle Scholar
  23. United Kingdom Financial Investments Limited. (2009) Annual Report and Accounts 2008–2009. London: UKFI.Google Scholar

Copyright information

© Palgrave Macmillan, a division of Macmillan Publishers Ltd 2012

Authors and Affiliations

  1. 1.School of Management, Royal HollowayEgham
  2. 2.University of Manchester Business SchoolManchester
  3. 3.CRESC, Waterloo PlaceManchester

Personalised recommendations