The Public Works Loan Board and the growth of the state in nineteenth‐century England

Ian Webster

Economic History Review, 2018, vol. 71, issue 3, 887-908

Abstract: The nineteenth‐century archive of the Public Works Loan Board (PWLB) has been overlooked by economic historians. Yet the archive reveals how the PWLB came to play a major part in the financing of new schools, water supplies and sewers in the 1870s. Ten thousand loan applications have been analysed to highlight the changing patterns of the PWLB's lending, while the 60 volumes of minutes indicate why the pattern changed. The analysis shows that in the 1870s there was a large rise in local infrastructure investment caused by the switch from permissive to compulsory public health and education legislation. At the same time, the PWLB became predominantly a low‐cost, rather than a market rate, lender. This change shows how MPs’ views developed as they became more sensitive to the impact of the local costs of parliamentary legislation. Overall, the activities of the PWLB illustrate the legislative and institutional changes that contributed significantly to the growth in the role and spending of the state.

Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://doi.org/10.1111/ehr.12609

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:ehsrev:v:71:y:2018:i:3:p:887-908

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0013-0117

Access Statistics for this article

Economic History Review is currently edited by Stephen Broadberry

More articles in Economic History Review from Economic History Society Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().