Ti passed quickly, and along the way, many significant events unfolded. One of the most transformative was the British governnt and the London Stock Exchange's decision to revolutionize the London securities market in October.
This overhaul reshaped everything—from the market's structure to who could participate and how traders were governed.
The rapid pace and scale of these changes earned it the nickna "Big Bang," and its impact was nothing short of dramatic.
As the extent of the transformation beca clear, the City of London's re-ergence started to take shape.
Unlike in the past, this ti there was solid evidence of progress, with governance reflecting a firr stance on the city's regeneration.
The Big Bang introduced sweeping reforms: it ended fixed commissions, allowed rgers and takeovers by removing the separation between dealers and advisors, and opened London's market to international banks.
These changes brought a wave of competition and dramatically altered London's financial landscape.
Large banks quickly overtook traditional firms, while dium and smaller companies hesitated, unsure of how to adapt. anwhile, on the consur side, the liberalization of the mortgage market made borrowing easier, leading to a significant rise in household debt.
Financial institutions offered increasingly attractive and varied mortgage products, encouraging consurs to take on more debt and fueling a surge in spending and investnt in the housing market.
Sensing an opportunity, large financial corporations wasted no ti capitalizing on these changes.
Smaller and dium-sized firms, which initially adopted a wait-and-see stance, also didn't want to be left behind, contributing to the rapid rise in property prices.
With the economy booming, the governnt, eager to ride the wave, pushed for even more expansion.
Politicians rushed to claim credit for the economic success, while those left behind scrambled to find ways to align themselves with the achievents.
Tax cuts, decreased interest rates, and relaxed credit conditions were introduced one by one, each without proper asurent, further fueling consur spending and investnt.
January 31, 1987 — just a month after the New Year, Richard arrived early at the Islington Housing Council. The reason was simple: Stuart, who had managed all of his building purchases in Islington, had requested a eting.
As he entered, two sharply dressed gentlen were already waiting. They stood up, greeted him warmly, and shook his hand. Without much delay, Stuart got straight to the point — these two gentlen were interested in buying his buildings.
"Mr. Richard, it's a pleasure to finally et you. First, let offer my condolences for your injury. My na is Taylor, from Barclays," one of them said with a polite smile.
"Mr. Taylor, good morning," Richard replied, returning the handshake.
The second man stepped forward. "My condolences as well, Mr. Richard. I'm Philip, from Lloyds Banking Group."
"Mr. Philip, good morning," Richard responded, nodding appreciatively.
As they discussed and negotiated, Stuart wiped the cold sweat trickling down his forehead. Despite the fall weather bringing cooler temperatures compared to sumr, he couldn't help but sweat. He hadn't expected Islington's property market to boom like this!
"If I had known…" he sighed, unable to stop the wave of regret washing over him.
Another hour passed, and Richard shook hands with the two gentlen.
"Mr. Taylor, Mr. Philip, it's been a pleasure doing business with you."
"Likewise, Mr. Richard," Taylor replied before adding, "By the way, if you don't mind us asking, we've heard that you still own several buildings in this area. Would you be interested in discussing any potential deals with us?"
Stuart's heart skipped a beat. If they were reaching out via the Islington Council, it ant that they or he exactly was acting as an interdiary, which also ant he'd earn a commission and achievents.
He couldn't help but glance anxiously at Richard. But, of course, Richard was fully aware of this. With a polite smile, he declined.
Mr. Taylor and Mr. Philip weren't surprised by his response—it was exactly what they had expected. They had only been testing the waters. Though slightly disappointed, it wasn't enough to ruin their day. Instead, they handed over their business cards, offering their services
"If you ever need assistance with banking or investnts, don't hesitate to reach out," Taylor said.
"The sa from , Mr. Richard," Philip added, offering his card as well.
Richard accepted both cards with a nod and assured them, "I'll make sure to contact you first if I have any future investnt plans."
After finishing with the two bankers, Richard quickly thanked Stuart, bid him farewell, and hurriedly left the council.
He needed to get to Manchester as soon as possible. That was also why the two bankers had reached out to him through the council rather than directly—he was rarely in one place for long.
It had beco a routine for him—ever since he beca part of City, he was constantly traveling back and forth between Manchester and London, and it was starting to take its toll.
He began thinking about renting a place. Now that he had so money, maybe it was ti to rent sothing cheap in Manchester.
Arriving at Manchester Piccadilly station, Richard quickly got into a cab heading toward Maine Road.
As the taxi weaved through the busy streets, he leaned back, exhaustion catching up with him. Still, there was a buzz of excitent in his chest. Unable to hold the news in, he pulled out his phone and called his mother, Anna.
"Mom, can you go to the bank and check my account? I sold the buildings today," he said, trying to sound casual but unable to hide the hint of pride in his voice.
"The buildings? You sold them? All of them?" There was a brief pause before she replied in surprise.
"Of course not," he chuckled. "I sold two—the ones on Upper St."
"Oh? How much did you sell them for?" she asked, still not fully realizing the significance.
Not wanting to spoil the surprise, Richard grinned. "Just please help check it, Mom. Alright? I have a match to attend. Bye, Mom."
"Good luck, then. And don't forget to eat sothing proper today!"
"I won't, Mom. Thanks. I'll call you later."
They hung up, and Richard let out a deep breath, feeling a bit lighter. The cab pulled up near Maine Road, and Richard paid the driver before stepping out.
Crowds sward the streets—waves of sky blue and deep red flooded the area around the stadium.
Full mbers' Cup Quarter-Final: Manchester City vs. Ipswich Town!
User Comments
0 comments from readers