British Museum blog

Bubbles and bankruptcy: financial crises in Britain since 1700

Political-ravishment, or the old lady of Threadneedle-Street in danger!, print, James Gillray, 1797Thomas Hockenhull, curator, British Museum

The 2008 banking crisis plunged the UK into a recession from which it has been struggling to recover ever since. However, this crisis is not the first to have affected Britain and it is unlikely to be the last. Here in the Department of Coins and Medals we decided to look at the bigger picture in an exhibition looking back at Britain’s financial crises since the 1700s.

Drawing upon our extensive collection, we found we had an object that related to almost every crisis to affect Britain since the advent of organised banking. This material ranged from share certificates for companies that failed and notes from failed banks, to reports and recriminations about crises. In some cases these objects are fragile and sensitive to light, meaning that they can never go on permanent display.

Political-ravishment, or the old lady of Threadneedle-Street in danger!, print, James Gillray, 1797.

Political-ravishment, or the old lady of Threadneedle-Street in danger!, print, James Gillray, 1797.

For the rest of the exhibition we wanted to show how ordinary people have, and will continue, to respond to financial crisis. Numerous cartoons and satirical prints have been produced over hundreds of years relating to crises, including a James Gillray print from 1797.

Champagne bottle given to a Northern Rock employee in 1997.

Champagne bottle given to a Northern Rock
employee in 1997.

Additionally, the artist Steve Bell – perhaps best known for his work in The Guardian newspaper – has loaned a work from 2011 entitled ‘Bank Levy’ that depicts a banker as a distraught fat cat in a suit having its claws clipped by the Chancellor George Osborne.

Other exhibits, for example, include a champagne bottle given out by Northern Rock to its employees when the Building Society demutualised to become a bank in 1997. This object was retained by its recipient, a former employee, and provides an ironic reminder that demutualisation was greeted optimistically, supposedly enabling Northern Rock to expand its business more easily.

Instead, history records that its investment portfolio would fail within 10 years, triggering the first run on a UK bank since that which occurred during the collapse of Overend, Gurney and Co. in 1866.

The collapse of Overend, Gurney and Co. features elsewhere in the exhibition and, in both instances the banks failed because their customers lost faith in their ability to protect and reinvest their savings.

 

The centrepiece of the exhibition is a contemporary sculpture by Justine Smith, a London-based artist. Made from real UK banknotes built into a house of cards, the artwork neatly symbolises the occasionally precarious nature of financial investment.

I hope many people will get a chance to come and see the display, to find out how 300 years of boom and bust have helped to shape Britain’s financial landscape.

Bubbles and bankruptcy: financial crises in Britain since 1700 is open from
29 November 2012 to 5 May 2013.

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Filed under: Exhibitions, ,

2 Responses - Comments are closed.

  1. Skm williams says:

    A very very small exhibition.

    Like

  2. William Hanbury says:

    Seriously very bad. Small, poorly researched, few artefacts and badly presented.

    Like

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In the @ImperialWarMuseums exhibition ‘Fashion on the Ration: 1940s street style’ we can see how men and women found new ways to dress while clothing was rationed. Displays of original clothes from the era, from military uniforms to utility underwear, reveal what life was really like on the home front in wartime Britain.

Despite the limitations imposed by rationing, clothing retailers sought to retain and even expand their customer base during the Second World War. Britain's high street adapted in response to wartime conditions, and this was reflected in their retail ranges. The government intervened in the mass manufacture of high street fashions with the arrival of the Utility clothing scheme in 1942. Shoppers carefully spent their precious clothing coupons and money on new clothes to make sure their purchases would be suitable across spring, summer and autumn and winter. Despite the restrictions, the war and civilian austerity did not put an end to creative design, commercial opportunism or fashionable trends on the British home front.

#FashionontheRation exhibition runs @imperialwarmuseums until 31 August.

Discover more stories from London’s museums with #MuseumInstaSwap. For our final day of #MuseumInstaSwap we’re learning about the Second World War @ImperialWarMuseums, and discovering the impact of the war on ordinary people. 
Clothes were rationed in Britain from 1 June 1941. This limited the amount of new garments people could buy until 1949, four years after the war's end. The British government needed to reduce production and consumption of civilian clothes to safeguard raw materials and release workers and factory space for war production. As with food rationing, which had been in place since 1940, one of the reasons for introducing civilian clothes rationing was to ensure fairness. Rationing sought to ensure a more equal distribution of clothing and improve the availability of garments in the shops.

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This is Prime Minister Winston Churchill’s bedroom, which includes his private desk, briefcase and papers, his bed and chamber pot and even an original cigar! The bedroom is located close to the Map Room, keeping Churchill as close as possible to the epicentre of Cabinet War Rooms.
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Discover more stories from London’s museums with #MuseumInstaSwap We’re exploring the Churchill War Rooms – the secret underground headquarters of the British government during the Second World War – in partnership with @ImperialWarMuseums for #MuseumInstaSwap.
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© IWM (HU 44788)
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