Supporting the nation
Throughout the First World War the British government asked much of all citizens, including corporate citizens. Banks had to take a vital role in financing the war and maintaining national economic stability.
Government domestic borrowing
The British government relied on banks to help meet the enormous financial cost of war.
Explore this topic
Government borrowing at home
Taxation alone was not enough to match wartime expenditure.
National war bonds
War bonds allowed the government to borrow on a continuous basis.
The national savings movement
The campaign to encourage savings continued long after the war.
War savings certificates
Savings certificates were designed particularly for small savers.
War loans
A series of national war loans, supported by Britain’s banks, was one of the most important sources of government finance.
Explore this topic
War loans
Banks supported and invested in all the war loan issues.
1914 war loan
The first war loan was a new departure for the government, banks and investors.
1915 war loan
The second war loan was aimed at individual investors as well as large institutions.
1917 war loan
The third war loan was also the biggest.
Banknotes
Banknotes became a vitally important part of Britain’s wartime economy.
Explore this topic
The first government banknotes
The government started issuing its own notes in August 1914.
Scottish banknotes
During the war Scottish banknotes became legal tender for the first time.
The longest bank holiday
The threat of war threw money markets into turmoil, and led to Britain's longest-ever bank holiday.
The role of gold
The war gave special significance to gold, and changed forever its role in the economy.
Bankers doing their bit at home
Bankers who were too old or infirm to join up found other ways to 'do their bit' at home.
Helping those in need
Charities strove to help the victims of war, and many banks donated time, money or equipment.
Investing in Italy
The government asked banks to help strengthen bonds with allies and reduce enemy influence in neutral nations.
