118-542: The Manchester Building Society was a British building society which offered savings accounts from its head office in Manchester city centre at 125 Portland Street. Reporting its intention to retain the use of the Manchester Building Society brand beyond that date, the society announced that it had completed its merger with Newcastle Building Society on 1 July 2023. Established in 1922, MBS
236-522: A Eurostat measure of the functional city-region approximated to local government districts, had a population of 2,357,100 in 2004. In addition to Birmingham itself, the LUZ ( West Midlands conurbation ) includes the Metropolitan Boroughs of Dudley , Sandwell , Solihull and Walsall , along with the districts of Lichfield , Tamworth , North Warwickshire and Bromsgrove . Beyond this is
354-476: A Lord Mayoralty was conferred on Birmingham by Letters Patent on 3 June 1896. Birmingham's ten parliamentary constituencies are represented in the House of Commons as of 2024 by one Conservative , one independent and eight Labour MPs . Originally part of Warwickshire , Birmingham expanded in the late 19th and early 20th centuries, absorbing parts of Worcestershire to the south and Staffordshire to
472-560: A conurbation with the borough of Solihull to the south east, and with the city of Wolverhampton and the industrial towns of the Black Country to the north west, which form the West Midlands Built-up Area covering 59,972 ha (600 km ; 232 sq mi). Surrounding this is Birmingham's metropolitan area – the area to which it is closely economically tied through commuting – which includes
590-410: A Section 114 notice to say that it could not meet its financial commitments. Effectively this meant the council was bankrupt. A major contributing factor is a £1.1b sum that has been paid out since 2010, for equal pay claims. There is still a bill for £760m, increasing by £14m a month. There are also problems with a new IT system that was projected to cost £19m but is now closer to £100m. In addition there
708-503: A broader range of specialist, higher-skilled and more lucrative activities. By the time of the English Civil War Birmingham's booming economy, its expanding population, and its resulting high levels of social mobility and cultural pluralism , had seen it develop new social structures very different from those of more established areas. Relationships were built around pragmatic commercial linkages rather than
826-529: A central pool of funds which was used to finance the building of houses for members, which in turn acted as collateral to attract further funding to the society, enabling further construction. By 1781 three more societies had been established in Birmingham, with a fourth in the nearby town of Dudley ; and 19 more formed in Birmingham between 1782 and 1795. The first outside the English Midlands
944-578: A century of the charter Birmingham had grown into a prosperous urban centre of merchants and craftsmen. By 1327 it was the third-largest town in Warwickshire, a position it would retain for the next 200 years. The principal governing institutions of medieval Birmingham – including the Guild of the Holy Cross and the lordship of the de Birmingham family – collapsed between 1536 and 1547, leaving
1062-426: A conflict of interest between borrowers and savers. It was the task of the movement to reconcile that conflict of interest so as to enable savers to conclude that their interests and those of borrowers were to some extent complementary rather than conflictive. Conflict of interest between savers and borrowers was never fully reconciled in the building societies but upon deregulation that reconciliation became something of
1180-534: A considerable urban heat island effect. During the coldest night recorded, 14 January 1982, the temperature fell to −20.8 °C (−5.4 °F) at Birmingham Airport, but just −14.3 °C (6.3 °F) at Edgbaston, near the city centre. Birmingham is a snowy city relative to other large UK conurbations, due to its inland location and comparatively high elevation. Between 1961 and 1990 Birmingham Airport averaged 13.0 days of snow lying annually, compared to 5.33 at London Heathrow . Snow showers often pass through
1298-515: A constantly diversifying range of products, in a highly entrepreneurial economy of small, often self-owned workshops. This led to exceptional levels of inventiveness: between 1760 and 1850 – the core years of the Industrial Revolution – Birmingham residents registered over three times as many patents as those of any other British town or city. The demand for capital to feed rapid economic expansion also saw Birmingham grow into
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#17327913511101416-538: A conversion, its managers derive more value from a conversion but do not suffer much loss of perks than if the bank were small. Their benefit is in the right to purchase the new stock, which are valuable because the new issues are consistently underpriced [referring to USA mutual bank conversions]. Moreover, by no means are all mutual managers incompetent, and conversions allows the bank to expand more easily and to grant executive stock options that are valuable to skilled managers". Instead of deploying their margin advantage as
1534-557: A defence of mutuality, around 1980 building societies began setting mortgage rates with reference to market clearing levels. In sum they began behaving more like banks, seeking to maximise profit instead of the advantages of a mutual organisation. Thus, according to the Bank of England's Boxall & Gallagher (1997) : "... there was virtually no difference between banks and building society 'listed' interest rates for home finance mortgage lending between 1984 and 1997. This behaviour resulted in
1652-757: A divide exists between building societies that operate in New Zealand, on the one hand, and those that (although formally registered in New Zealand) operate offshore: Building societies' registration details and filed documents are available in the Register of Building Societies held at the New Zealand Companies Office. Over the years, a number of building societies were established. Birmingham Birmingham ( / ˈ b ɜːr m ɪ ŋ ə m / BUR -ming-əm )
1770-529: A form of indebtedness taken on in later life with the aim of never making interest payments or paying down the principal in the borrower's lifetime. On death, lien on the property continues to be held by the society until full repayment is made. In February 2023 it was confirmed that the society had agreed to merge with the Newcastle Building Society . The merger was completed on 1 July 2023. This United Kingdom building society article
1888-591: A haven for Nonconformists from the 1660s. By 1700 Birmingham's population had increased fifteen-fold and the town was the fifth-largest in England and Wales. The 18th century saw this tradition of free-thinking and collaboration blossom into the cultural phenomenon now known as the Midlands Enlightenment . The town developed into a notable centre of literary , musical , artistic and theatrical activity; and its leading citizens – particularly
2006-448: A lost cause. The management of building societies apparently could expend considerable time and resources (which belonged the organisation) planning their effective capture—of as much of the assets as they could. If so, this is arguably insider dealing on a grand scale with the benefit of inside specialist knowledge of the business and resources of the firm not shared with outsiders like politicians and members (and, perhaps, regulators). Once
2124-624: A major financial centre with extensive international connections. Lloyds Bank was founded in the town in 1765, and Ketley's Building Society , the world's first building society , in 1775. By 1800 the West Midlands had more banking offices per head than any other region in Britain, including London. Innovation in 18th-century Birmingham often took the form of incremental series of small-scale improvements to existing products or processes, but also included major developments that lay at
2242-503: A member with £50,000 in each of Nationwide, Cheshire and Derbyshire at the time of the respective mergers would retain £150,000 of FSCS protection for their funds in the merged Nationwide. On 31 December 2010 the general FSCS limit for retail deposits was increased to £85,000 for banks and building societies and the transitional arrangements in respect of building society mergers came to an end. As of February 2024 , there are 42 independent building societies, all of which are members of
2360-478: A permanent society. Terminating loans were still available and used inside the permanent businesses by staff up until the 1980s because their existence was not widely known after the early 1960s. Because of strict regulations on banks, building societies flourished until the deregulation of the Australian financial industry in the 1980s. Eventually many of the smaller building societies disappeared, while some of
2478-454: A rather more direct and cynical conclusion: By adopting a policy of building up reserves by maintaining an excess margin, building societies simultaneously allowed banks to compete and may have undermined the long run viability of mutuality. A more cynical approach is that some societies may have adopted an excess-margin strategy simply to enhance their value for conversion. Some of these managements ended up in dispute with their own members. Of
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#17327913511102596-530: A record-breaking nationwide tornado outbreak , two tornadoes touched down within the Birmingham city limits – in Erdington and Selly Oak – with six tornadoes touching down within the boundaries of the wider West Midlands county. More recently, a destructive T6/F3 tornado occurred in July 2005 in the south of the city, damaging homes and businesses in the area. The tornado took an almost parallel path to that of
2714-411: A return on assets for building societies which was at least as high as Plc banks and, in the absence of distribution, led to rapid accumulation of reserves". As Boxall & Gallagher (1997) also observe: "... accumulation of reserves in the early-1990s, beyond regulatory and future growth requirements, is difficult to reconcile with conventional theories of mutual behaviour". Llewellyn (1996) draws
2832-505: A shared ancestor, or a mythical tribal figurehead. Place names ending in -ingahām are characteristic of primary settlements established during the early phases of Anglo-Saxon colonisation of an area, suggesting that Birmingham was probably in existence by the early 7th century at the latest. Surrounding settlements with names ending in -tūn ('farm'), -lēah ('woodland clearing'), -worð ('enclosure') and -field ('open ground') are likely to be secondary settlements created by
2950-492: A single black box later described by an official American historian as "the most valuable cargo ever brought to our shores". The city was extensively redeveloped during the 1950s and 1960s. This included the construction of large tower block estates, such as Castle Vale . The Bull Ring was reconstructed and New Street station was redeveloped. In the decades following World War II, the ethnic makeup of Birmingham changed significantly, as it received waves of immigration from
3068-549: A tourist attraction in the early 1900s. Birmingham has a temperate maritime climate ( Cfb according to the Köppen climate classification ), like much of the British Isles, with average maximum temperatures in summer (July) being around 21.3 °C (70.3 °F); and in winter (January) around 6.7 °C (44.1 °F). Between 1971 and 2000 the warmest day of the year on average was 28.8 °C (83.8 °F) and
3186-541: Is a city and metropolitan borough in the metropolitan county of West Midlands in England . It is the second-largest city in Britain – commonly referred to as the second city of the United Kingdom – with a population of 1.145 million in the city proper . Birmingham borders the Black Country to its west and, together with the city of Wolverhampton and towns including Dudley and Solihull , forms
3304-611: Is a stub . You can help Misplaced Pages by expanding it . Building society A building society is a financial institution owned by its members as a mutual organization , which offers banking and related financial services , especially savings and mortgage lending . They exist in the United Kingdom, Australia and New Zealand, and formerly in Ireland and several Commonwealth countries, including South Africa as mutual banks. They are similar to credit unions , but rather than promoting thrift and offering unsecured and business loans,
3422-461: Is a major international commercial centre and an important transport, retail, events and conference hub. Its metropolitan economy is the second-largest in the United Kingdom with a GDP of $ 121.1bn (2014 ). Its five universities, including the University of Birmingham , make it the largest centre of higher education in the country outside London. Birmingham's major cultural institutions –
3540-581: Is a projected £87m deficit for the financial year 23/24. Birmingham City Council has 101 councillors representing 77 wards as of 2018. Its headquarters are at the Council House in Victoria Square . As of 2023 , the council has a Labour Party majority and is led by John Cotton. Labour replaced the previous no overall control status at the May 2012 elections. The honour and dignity of
3658-730: Is located in the centre of the West Midlands region of England on the Birmingham Plateau – an area of relatively high ground, ranging between 500 and 1,000 feet (150 and 300 metres) above sea level and crossed by Britain's main north–south watershed between the basins of the Rivers Severn and Trent . To the immediate south west of the city lie the Lickey Hills , Clent Hills and Walton Hill , which reach 1,033 feet (315 m) and have extensive views over
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3776-507: Is particularly a large community of Asian descent, especially from Pakistani, Indian and Bangladeshi backgrounds, as well as Afro-Caribbeans from the Commonwealth , and a solid Chinese presence through migrants from the former colony of Hong Kong . Birmingham also has an older Irish connection, with the city having the largest population of Irish in mainland Britain and home to its only Irish quarter, Digbeth . In Birmingham, 65.9% of
3894-507: Is that Australian building societies are required to incorporate as limited companies . Current building societies are The Building Societies Act of 1962 allowed for the registration of building societies in Eswatini. For a long time the country only had one building society. A second was registered in late 2019. The Republic of Ireland had around 40 building societies at the mid-20th century peak. Many of these were very small and, as
4012-441: Is those who joined societies by lodging minimum amounts of £100 or so in the hope of profiting from a distribution of surplus after demutualisation. The deregulating Building Societies Act 1986 contained an anti-carpetbagger provision in the form of a two-year rule. This prescribed a qualifying period of two years before savers could participate in a residual claim. But, before the 1989 Abbey National Building Society demutualisation,
4130-800: The Anglican Diocese of Birmingham was created in 1905. There are two other cathedrals: St Chad's , seat of the Roman Catholic Archdiocese of Birmingham and the Greek Orthodox Cathedral of the Dormition of the Mother of God and St Andrew . The Coptic Orthodox Diocese of the Midlands is also based at Birmingham, with a cathedral under construction. The original parish church of Birmingham, St Martin in
4248-687: The Birmingham Political Union bringing the country to the brink of civil war during the Days of May that preceded the passing of the Great Reform Act in 1832. The Union's meetings on Newhall Hill in 1831 and 1832 were the largest political assemblies Britain had ever seen. Lord Durham , who drafted the Act, wrote that "the country owed Reform to Birmingham, and its salvation from revolution". This reputation for having "shaken
4366-521: The Building Societies Association . Ten building societies of the United Kingdom demutualised between 1989 and 2000, either becoming a bank or being acquired by a larger bank. By 2008, every building society that floated on the stock market in the wave of demutualisations of the 1980s and 1990s had either been sold to a conventional bank, or been nationalised . The following is an incomplete list of building societies in
4484-473: The City of Birmingham Symphony Orchestra , Birmingham Royal Ballet , Birmingham Repertory Theatre , Library of Birmingham and Barber Institute of Fine Arts – enjoy international reputations, and the city has vibrant and influential grassroots art , music , literary and culinary scenes. Birmingham was the host city for the 2022 Commonwealth Games . In 2021, Birmingham was the third most visited city in
4602-521: The Commonwealth of Nations and beyond. The city's population peaked in 1951 at 1,113,000 residents. 21 people were killed and 182 were injured in a series of bomb attacks in 1974, thought to be carried out by the Provisional IRA . The bombings were the worst terror attacks in England up until the 2005 London bombings and consisted of bombs being planted in two pubs in central Birmingham. Six men were convicted , who became known later as
4720-592: The Financial Services Compensation Scheme (FSCS), but Nationwide and Yorkshire building societies negotiated a temporary change to the terms of the FSCS to protect members of the societies they acquired in late 2008/early 2009. The amended terms allowed former members of multiple societies which merge into one to maintain multiple entitlements to FSCS protection until 30 September 2009 (later extended to 30 December 2010), so (for example)
4838-644: The Frisch–Peierls memorandum of 1940, the same year that the cavity magnetron , the key component of radar and later of microwave ovens , was invented by John Randall and Henry Boot . Details of these two discoveries, together with an outline of the first jet engine invented by Frank Whittle in nearby Rugby , were taken to the United States by the Tizard Mission in September 1940, in
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4956-549: The Soho Manufactory , pioneering the combination and mechanisation under one roof of previously separate manufacturing activities through a system known as "rational manufacture". As the largest manufacturing unit in Europe, this came to symbolise the emergence of the factory system . Most significant, however, was the development in 1776 of the industrial steam engine by James Watt and Matthew Boulton. Freeing for
5074-536: The Victorian era , the population of Birmingham grew rapidly to well over half a million and Birmingham became the second largest population centre in England. Birmingham was granted city status in 1889 by Queen Victoria . Joseph Chamberlain , mayor of Birmingham and later an MP, and his son Neville Chamberlain , who was Lord Mayor of Birmingham and later the British Prime Minister, are two of
5192-460: The West Midlands conurbation . The royal town of Sutton Coldfield is incorporated within the city limits to the northeast. The wider metropolitan area has a population of 4.3 million, making it the largest outside London. Located in the West Midlands region of England, Birmingham is considered to be the social, cultural, financial and commercial centre of the Midlands . It is just west of
5310-517: The 112-mile (180 km) London and Birmingham Railway of 1838. Birmingham schoolteacher Rowland Hill invented the postage stamp and created the first modern universal postal system in 1839. Alexander Parkes invented the first human-made plastic in the Jewellery Quarter in 1855. By the 1820s, the country's extensive canal system had been constructed, giving greater access to natural resources and fuel for industries. During
5428-454: The 1931 tornado. Notable tornadoes have also struck the city in 1923, 1946, 1951, 1998 and 1999, most of which being of T2-T4/F1-F2 intensity. There are 571 parks within Birmingham – more than any other European city – totalling over 3,500 hectares (14 sq mi) of public open space. The city has over six million trees, and 250 miles (400 kilometres) of urban brooks and streams. Sutton Park , which covers 2,400 acres (971 ha) in
5546-403: The 2001, 2011, and 2021 censuses, the proportion of Christians in Birmingham decreased from 59.1% to 46.1% to 34%, while the proportion of Muslims increased from 14.3% to 21.8% to 29.9% and the proportion of people with no religious affiliation increased from 12.4% to 19.3% to 24.1%. All other religions remained proportionately similar. St Philip's Cathedral was upgraded from church status when
5664-547: The Birmingham Six and sentenced to life imprisonment, who were acquitted after 16 years by the Court of Appeal . The convictions are now considered one of the worst British miscarriages of justice in recent times. The true perpetrators of the attacks are yet to be arrested. Birmingham remained by far Britain's most prosperous provincial city as late as the 1970s, with household incomes exceeding even those of London and
5782-476: The Borough was divided into 13 wards. William Scholefield became the first Mayor and William Redfern was appointed as Town Clerk. Birmingham Town Police were established the following year. Birmingham's tradition of innovation continued into the 19th century. Birmingham was the terminus for both of the world's first two long-distance railway lines: the 82-mile (132 km) Grand Junction Railway of 1837 and
5900-464: The Irish commercial banks began to originate residential mortgages, the small building societies ceased to be competitive. Most merged or dissolved or, in the case of First Active plc , converted into conventional banks. The last remaining building societies, EBS Building Society and Irish Nationwide Building Society , demutualised and were transferred or acquired into Bank subsidiaries in 2011 following
6018-509: The PRA, to no longer undertake new lending on the basis that it had insufficient capital on its balance sheet to mitigate risks of new business. A capital shortfall as a result of historic accounting errors was blamed. Nevertheless, the society continued to service mortgages issued before 2016, accepting new deposits and applications by individuals to open personal savings accounts. It retained statutory minimum deposit insurance for its members. However,
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#17327913511106136-558: The Registrar of Building Societies under the Building Societies Act 1965. Registration as a building society is merely a process of establishing the entity as a corporation. It is largely a formality, and easily achieved, as the capital requirement is minimal (20 members must be issued shares of not less than NZ$ 1,000 each, for a total minimum foundation share capital of NZ$ 200,000). As regards prudential supervision,
6254-564: The Rivers Tame, Rea and Cole and their tributaries. To the north and west of the fault, between 150 and 600 feet (46 and 183 metres) higher than the surrounding area and underlying much of the city centre, lies a long ridge of harder Keuper Sandstone . The bedrock underlying Birmingham was mostly laid down during the Permian and Triassic periods. The area has evidence of glacial deposits , with prominent erratic boulders becoming
6372-475: The South East, but its economic diversity and capacity for regeneration declined in the decades that followed World War II as Central Government sought to restrict the city's growth and disperse industry and population to the stagnating areas of Wales and Northern England . These measures hindered "the natural self-regeneration of businesses in Birmingham, leaving it top-heavy with the old and infirm", and
6490-586: The Supreme Court where in June 2021 the lower court's decision was overturned. The society confirmed at the start of 2019 that there continued to be uncertainty around its long-term future. The society were subsequently audited by KPMG, shortly after which they were replaced by PwC. Unusually for a UK-based organisation, the society historically offered its members lifetime mortgages against properties in Spain,
6608-636: The UK by people from foreign nations. The name Birmingham comes from the Old English Beormingahām , meaning the home or settlement of the Beormingas – a tribe or clan whose name means 'Beorma's people' and which may have formed an early unit of Anglo-Saxon administration. Beorma , after whom the tribe was named, could have been its leader at the time of the Anglo-Saxon settlement,
6726-471: The UK fell by four during 2008 due to a series of mergers brought about, to a large extent, by the consequences of the financial crisis of 2007–2008 . There were three further mergers in each of 2009 and 2010, a demutualisation and a merger in 2011, and four further mergers 2013–2018 which resulted in there being only one building society headquartered respectively in Scotland and Northern Ireland. Since then,
6844-470: The United Kingdom that no longer exist independently, since they either merged with or were taken over by other organisations. They may still have an active presence on the high street (or online) as a trading name or as a distinct brand. This is typically because brands will often build up specific reputations and attract certain clientele, and this can continue to be marketed successfully. In Australia, building societies evolved along British lines. Following
6962-469: The United Kingdom, building societies compete with banks for most consumer banking services, especially mortgage lending and savings accounts , and regulations permit up to half of their lending to be funded by debt to non-members, allowing societies to access wholesale bond and money markets to fund mortgages. The world's largest building society is Britain's Nationwide Building Society . In Australia, building societies also compete with retail banks and offer
7080-556: The Wake Green football club; Bartley and Frankley reservoirs; and Handsworth cemetery with surrounding golf courses. Birmingham has many areas of wildlife that lie in both informal settings such as the Project Kingfisher and Woodgate Valley Country Park and in a selection of parks such as Lickey Hills Country Park , Pype Hayes Park & Newhall Valley, Handsworth Park , Kings Heath Park , and Cannon Hill Park ,
7198-628: The Welsh capital Cardiff , 45 miles (72 km) south-west of Nottingham , 70 miles (110 km) south of Manchester , and 75 miles (121 km) north-north-east of Bristol . Much of the area now occupied by the city was originally a northern reach of the ancient Forest of Arden and the city remains relatively densely covered by oak in a large number of districts such as Moseley , Saltley , Yardley , Stirchley and Hockley . These places, with names ending in "-ley", deriving from Old English - lēah meaning "woodland clearing", are named after
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#17327913511107316-499: The age of 25 and the median age being 34 years of age, below the national average of 40. Religion in Birmingham (2021) Christianity is the largest religion within Birmingham, with 34% of residents identifying as Christians in the 2021 Census . The city's religious profile is highly diverse: outside London, Birmingham has the United Kingdom's largest Muslim , Sikh and Buddhist communities; its second largest Hindu community; and its seventh largest Jewish community. Between
7434-639: The area during the Bronze Age , when a substantial but short-lived influx of population occurred between 1700 BC and 1000 BC, possibly caused by conflict or immigration in the surrounding area. During the 1st-century Roman conquest of Britain , the forested country of the Birmingham Plateau formed a barrier to the advancing Roman legions, who built the large Metchley Fort in the area of modern-day Edgbaston in AD ;48, and made it
7552-427: The balance and taken account of in formulation of policy. They were a nuisance to be dealt with by the costly use of public relations advisers and legal processes. In the end, after a number of large demutualisations, and pressure from carpetbaggers moving from one building society to another to cream off the windfalls, most of the societies whose management wished to keep them mutual modified their rules of membership in
7670-470: The borough are designated as green belt , as a portion of the wider West Midlands Green Belt. This is a strategic local government policy used to prevent urban sprawl and preserve greenfield land . Areas included are the aforementioned Sutton Park; land along the borough boundary by the Sutton Coldfield, Walmley and Minworth suburbs; Kingfisher, Sheldon, Woodgate Valley country parks; grounds by
7788-517: The building society was the Building Societies Act 1874 ( 37 & 38 Vict. c. 42), with subsequent amending legislation in 1894, 1939 (see Coney Hall ), and 1960. In their heyday, there were hundreds of building societies: just about every town in the country had a building society named after that town. Over succeeding decades the number of societies has decreased, as various societies merged to form larger ones, often renaming in
7906-798: The building society would then become a limited company like any other. Members' mutual rights were exchanged for shares in this new company. A number of the larger societies made such proposals to their members and all were accepted. Some listed on the London Stock Exchange , while others were acquired by larger financial groups. The process began with the demutualisation of the Abbey National Building Society in 1989. Then, from 1995 to late 1999, eight societies demutualised accounting for two-thirds of building societies assets as at 1994. Five of these societies became joint stock banks (plc), one merged with another and
8024-475: The city became increasingly dependent on the motor industry . The recession of the early 1980s saw Birmingham's economy collapse, with unprecedented levels of unemployment and outbreaks of social unrest in inner-city districts. Since the turn of the 21st century, many parts of Birmingham have been transformed, with the redevelopment of the Bullring Shopping Centre , the construction of
8142-642: The city centre . The city does however have numerous canals , collectively named the Birmingham Canal Navigations . Historically a market town in Warwickshire in the medieval period, Birmingham grew during the 18th century during the Midlands Enlightenment and during the Industrial Revolution , which saw advances in science, technology and economic development, producing a series of innovations that laid many of
8260-575: The city via the Cheshire gap on north westerly airstreams, but can also come off the North Sea from north easterly airstreams. Extreme weather is rare, but the city has been known to experience tornadoes . On 14 June 1931, an extremely damaging T6/F3 tornado struck the city, carving an 11-mile damage path through Hollywood, Hall Green, Sparkbrook, Tyseley, Greet and Small Heath, causing extensive damage and killing 1 woman. On 23 November 1981, during
8378-430: The city. Birmingham is drained only by minor rivers and brooks, primarily the River Tame and its tributaries the Cole and the Rea . Birmingham is located significantly inland, and its nearest body of sea is at Liverpool Bay . It lies at the same latitude as Lowestoft , Britain's easternmost settlement; it is therefore much more proximate to the western coast of Wales, at Cardigan Bay . The City of Birmingham forms
8496-557: The coldest night typically fell to −9.0 °C (15.8 °F). Some 11.2 days each year rose to a temperature of 25.1 °C (77.2 °F) or above and 51.6 nights reported an air frost. The highest recorded temperature recorded at the Edgbaston Campus was 37.4 °C (99.3 °F), whilst a temperature of 37.0 °C (98.6 °F) was recorded at Birmingham Airport on the city's eastern edge, both recorded on 19 July 2022 . Like most other large cities, Birmingham has
8614-450: The courts found against the two-year rule after legal action brought by Abbey National itself to circumvent the intent of the legislators. After this the legislation did prevent a cash distribution to members of less than two years standing, but the same result was obtained by permitting the issue of 'free' shares in the acquiring plc, saleable for cash. The Thatcher Conservative government declined to introduce amending legislation to make good
8732-479: The creation of a planned market town and seigneurial borough within his demesne or manorial estate, around the site that became the Bull Ring . This established Birmingham as the primary commercial centre for the Birmingham Plateau at a time when the area's economy was expanding rapidly, with population growth nationally leading to the clearance, cultivation and settlement of previously marginal land. Within
8850-494: The defect in the 'two-year rule'. Building societies, like mutual life insurers, arose as people clubbed together to address a common need interest; in the case of the building societies, this was housing and members were originally both savers and borrowers. But it very quickly became clear that 'outsider' savers were needed whose motive was profit through interest on deposits. Thus permanent building societies quickly became mortgage banks and in such institutions there always existed
8968-1245: The effects of the Irish financial crisis . Leeds Building Society Ireland and Nationwide UK (Ireland) were Irish branches of building societies based in the United Kingdom; both have since ceased all Irish operations. Irish Industrial Building Society (1969–1975) Irish Nationwide Building Society (1975 – Feb 2011) loan book Anglo Irish Bank (February 2011–June 2011) Irish Bank Resolution Corporation (July 2011–February 2013 ) EBS Building Society (1991–2011) Irish Permanent Benefit Building Society (1888–1940) Irish Permanent Building Society (1940–1994) Permanent TSB Group Holdings plc (1999–) merged with TSB Bank, 2001 Permanent TSB Group Holdings plc Irish Civil Service and General (Permanent Benefit) Building Society (1867–1874) Irish Civil Service (Permanent) Building Society (1874–1969) Irish Civil Service Building Society (1969–1984) First National Building Society (1960–1998) acquired by Ulster Bank 2004 and retired in 2009 In Jamaica , three building societies compete with commercial banks and credit unions for most consumer financial services: In New Zealand , building societies are registered with
9086-448: The end of World War II , the terminating model was revived to fund returning servicemen's need for new houses. Hundreds were created with government seed capital, whereby the capital was returned to the government and the terminating societies retained the interest accumulated. Once all the seed funds were loaned, each terminating society could reapply for more seed capital to the point where they could re-lend their own funds and thus became
9204-419: The end of mutuality brought joint stock company (plc) style remuneration committee pay standards and share options. Share options for management of converting societies appear to be a powerful factor in management calculation. Rasmusen (1988) refers to this in the following terms: " ... perks do not rise in proportion to [mutual] bank size. If a mutual is large, or is expected to grow if it can raise capital by
9322-463: The exchange of knowledge between pure science and the practical world of manufacturing and technology. This created a "chain reaction of innovation", forming a pivotal link between the earlier Scientific Revolution and the Industrial Revolution that would follow. Birmingham's explosive industrial expansion started earlier than that of the textile-manufacturing towns of the North of England , and
9440-626: The fabric of privilege to its base" in 1832 led John Bright to make Birmingham the platform for his successful campaign for the Second Reform Act of 1867, which extended voting rights to the urban working class. The original Charter of Incorporation , dated 31 October 1838, was received in Birmingham on 1 November, then read in the Town Hall on 5 November with elections for the first Birmingham Town Council being held on 26 December. Sixteen Aldermen and 48 Councillors were elected and
9558-399: The final quarter of the 20th century. The Watt steam engine was invented in Birmingham. The resulting high level of social mobility also fostered a culture of political radicalism which, under leaders from Thomas Attwood to Joseph Chamberlain , was to give it a political influence unparalleled in Britain outside London and a pivotal role in the development of British democracy. From
9676-458: The first importance" in the development of the mechanised cotton industry . In 1741 they opened the world's first cotton mill in Birmingham's Upper Priory. In 1746 John Roebuck invented the lead chamber process , enabling the large-scale manufacture of sulphuric acid , and in 1780 James Keir developed a process for the bulk manufacture of alkali , together marking the birth of the modern chemical industry . In 1765 Matthew Boulton opened
9794-555: The first major conversion of the Abbey in 1989, Kay (1991) observed: [T]he paradox of the Abbey members who campaigned against flotation [conversion to a shareholder-owned bank] of their building society. They were fighting to preserve a degree of accountability to the membership which the management of the Society patently did not feel. For incumbent management, the contrary views of some of their members were not matters to be weighed in
9912-426: The first time the manufacturing capacity of human society from the limited availability of hand, water and animal power, this was arguably the pivotal moment of the entire Industrial Revolution and a key factor in the worldwide increases in productivity over the following century. Birmingham rose to national political prominence in the campaign for political reform in the early 19th century, with Thomas Attwood and
10030-470: The focus for a network of clubs and societies for co-operation and the exchange of ideas among Birmingham's highly active citizenry as part of the movement known as the Midlands Enlightenment . The first building society to be established was Ketley's Building Society , founded by Richard Ketley, the landlord of the Golden Cross inn, in 1775. Members of Ketley's society paid a monthly subscription to
10148-647: The focus of a network of Roman roads . Birmingham was then later established by the Beormingas around the 6th or 7th century as a small settlement in the then heavily forested Arden region in Mercia . The development of Birmingham into a significant urban and commercial centre began in 1166, when the Lord of the Manor Peter de Bermingham obtained a charter to hold a market at his castle , and followed this with
10266-592: The former forest. Birmingham is dominated by the Birmingham Fault, which runs diagonally through the city from the Lickey Hills in the south west, passing through Edgbaston and the Bull Ring, to Erdington and Sutton Coldfield in the north east. To the south and east of the fault the ground is largely softer Mercia Mudstone , interspersed with beds of Bunter pebbles and crossed by the valleys of
10384-399: The foundations of modern industrial society . By 1791, it was being hailed as "the first manufacturing town in the world". Birmingham's distinctive economic profile, with thousands of small workshops practising a wide variety of specialised and highly skilled trades, encouraged exceptional levels of creativity and innovation; this provided an economic base for prosperity that was to last into
10502-426: The full range of banking services to consumers. Building societies as an institution began in late-18th century Birmingham – a town which was undergoing rapid economic and physical expansion driven by a multiplicity of small metalworking firms, whose many highly skilled and prosperous owners readily invested in property. Many of the early building societies were based in taverns or coffeehouses , which had become
10620-550: The heart of the emergence of industrial society . In 1709 the Birmingham-trained Abraham Darby I moved to Coalbrookdale in Shropshire and built the first blast furnace to successfully smelt iron ore with coke , transforming the quality, volume and scale on which it was possible to produce cast iron . In 1732 Lewis Paul and John Wyatt invented roller spinning , the "one novel idea of
10738-500: The industry's products. By the 1600s Birmingham formed the commercial hub of a network of forges and furnaces stretching from South Wales to Cheshire and its merchants were selling finished manufactured goods as far afield as the West Indies . These trading links gave Birmingham's metalworkers access to much wider markets, allowing them to diversify away from lower-skilled trades producing basic goods for local sale, towards
10856-514: The largest (such as Advance and St George ) attained the status of banks. More recent conversions have included Heritage Bank which converted from building society to bank in 2011, Hume in 2014, while Wide Bay Building Society became Auswide Bank and IMB followed suit in 2015, and Greater Building Society became Greater Bank in 2016. Building societies converting to banks are no longer required to demutualise. A particular difference between Australian building societies and those elsewhere,
10974-411: The late 1990s. The method usually adopted were membership rules to ensure that anyone newly joining a society would, for the first few years, be unable to get any profit out of a demutualisation. With the chance of a quick profit removed, the wave of demutualisations came to an end in 2000. One academic study ( Heffernan 2003 ) found that demutualised societies' pricing behaviour on deposits and mortgages
11092-476: The later expansion of the Anglo-Saxon population, in some cases possibly on earlier British sites. There is evidence of early human activity in the Birmingham area dating back to around 8000 BC, with Stone Age artefacts suggesting seasonal settlements, overnight hunting parties and woodland activities such as tree felling. The many burnt mounds that can still be seen around the city indicate that modern humans first intensively settled and cultivated
11210-538: The latter also housing the mini zoo, Birmingham Wildlife Conservation Park . The 2021 census recorded 1,144,900 people living in Birmingham, an increase of around 6.7% from 2011 when 1,073,045 were recorded. It is the 27th largest city in Europe by population within its city boundary. Birmingham's continuous urban area extends beyond the city's boundaries: the Birmingham Larger Urban Zone ,
11328-472: The members of the Lunar Society of Birmingham – became influential participants in the circulation of philosophical and scientific ideas among Europe's intellectual elite. The close relationship between Enlightenment Birmingham's leading thinkers and its major manufacturers – in men like Matthew Boulton and James Keir they were often in fact the same people – made it particularly important for
11446-425: The most well-known political figures who have lived in Birmingham. The city established its own university in 1900. The city suffered heavy bomb damage during World War II 's " Birmingham Blitz ". The city was also the scene of two scientific discoveries that were to prove critical to the outcome of the war. Otto Frisch and Rudolf Peierls first described how a practical nuclear weapon could be constructed in
11564-618: The new Library of Birmingham (the largest public library in Europe) and the regeneration of old industrial areas such as Brindleyplace , The Mailbox and the International Convention Centre , as well as the rationalisation of the Inner Ring Road . In 1998 Birmingham hosted the 24th G8 summit . The city successfully hosted the 2022 Commonwealth Games . On 5 September 2023 Birmingham city council issued
11682-612: The north and west. The city absorbed Sutton Coldfield in 1974 and became a metropolitan borough in the new West Midlands county . A top-level government body, the West Midlands Combined Authority , was formed in April 2016. The WMCA holds devolved powers in transport, development planning, and economic growth. The authority is governed by a directly elected mayor , similar to the Mayor of London . Birmingham
11800-544: The north of the city, is the largest urban park in Europe and a national nature reserve . Birmingham Botanical Gardens , located close to the city centre, retains the regency landscape of its original design by J. C. Loudon in 1829, while the Winterbourne Botanic Garden in Edgbaston reflects the more informal Arts and Crafts tastes of its Edwardian origins. Several green spaces within
11918-557: The only merger has been in 2023, when the Manchester society merged with the Newcastle society. In the 1980s, changes to British banking laws allowed building societies to offer banking services equivalent to normal banks. The management of a number of societies still felt that they were unable to compete with the banks, and a new Building Societies Act was passed in 1986 in response to their concerns. This permitted societies to ' demutualise '. If more than 75% of members voted in favour,
12036-438: The opportunity to claim was presented by management the savers in particular could be relied upon to seize it. There were sufficient hard-up borrowers to take the inducement offered them by management (in spite of few simple sums sufficing to demonstrate that they were probably going to end up effectively paying back the inducement). ( Tayler 2003 ) Management promoting demutualisation also thereby met managerial objectives because
12154-422: The other four were taken over by plcs (in two cases after the mutual had previously converted to a plc). As Tayler (2003) mentions, demutualisation moves succeeded immediately because neither Conservative nor Labour party UK governments created a framework which put obstacles in the way of demutualisation. Political acquiescence in demutualisation was clearest in the case of the position on ' carpetbaggers ', that
12272-420: The population were aged between 15 and 64, higher than when compared to the national average of 64.1% in England and Wales. Furthermore, 20.9% of the population were aged under 15, higher than the national average of 17.4% while the population aged over 65 was 13.1%, which was lower than the national average of 18.6% respectively. Birmingham is one of the youngest cities in Europe with 40% of its population below
12390-537: The population were born outside the UK, an increase of 4.5% percentage points from 2011. Figures showed that the five largest foreign-born groups living in Birmingham were born in Pakistan, India, Bangladesh, Romania and Jamaica. In 2011, 57% of primary and 52% of secondary pupils were from non-White British families. As of 2021, 31.6% of school pupils in Birmingham were White , 37.7% were Asian , 12.6% were Black , 9.7% were Mixed race and 8.4% were Other. There
12508-471: The process, and other societies opted for demutualisation followed by – in the great majority of cases – eventual takeover by a listed bank. Most of the existing larger building societies are the result of the mergers of many smaller societies. All building societies in the UK are members of the Building Societies Association . At the start of 2008, there were 59 building societies in the UK, with total assets exceeding £360 billion. The number of societies in
12626-497: The purpose of a building society is to provide home mortgages to members. Borrowers and depositors are society members, setting policy and appointing directors on a one-member, one-vote basis. Building societies often provide other retail banking services, such as current accounts, credit cards and personal loans. The term "building society" first arose in the 19th century in Great Britain from cooperative savings groups. In
12744-451: The rigid paternalism and deference of feudal society , and loyalties to the traditional hierarchies of the established church and aristocracy were weak. The town's reputation for political radicalism and its strongly Parliamentarian sympathies saw it attacked by Royalist forces in the Battle of Birmingham in 1643, and it developed into a centre of Puritanism in the 1630s and as
12862-417: The society stopped paying PIBS holders interest in 2016. The society's management took former auditor, Grant Thornton , to court, claimed it had acted negligently and ultimately caused the capitalisation concerns. Towards the end of 2018, they were awarded a negligible sum versus the initial claim, and forced to pay Grant Thornton's costs which were far in excess of the award. The society took this decision to
12980-534: The summer of 1940 to the spring of 1943, Birmingham was bombed heavily by the German Luftwaffe in what is known as the Birmingham Blitz . The damage done to the city's infrastructure, in addition to a deliberate policy of demolition and new building by planners, led to extensive urban regeneration in subsequent decades. Birmingham's economy is now dominated by the service sector . The city
13098-607: The town of Tamworth and the city of Lichfield in Staffordshire to the north; the city of Coventry and the towns of Nuneaton , Bedworth , Whitnash , Kenilworth , Rugby, Atherstone , Coleshill , Warwick and Leamington Spa to the east in Warwickshire and the Worcestershire towns of Redditch and Bromsgrove to the south west. As the crow flies, Birmingham lies approximately 100 miles (160 km) north-west of London , 85 miles (137 km) north-east of
13216-430: The town with an unusually high degree of social and economic freedom and initiating a period of transition and growth. The importance of the manufacture of iron goods to Birmingham's economy was recognised as early as 1538, and grew rapidly as the century progressed. Equally significant was the town's emerging role as a centre for the iron merchants who organised finance, supplied raw materials and traded and marketed
13334-643: The traditional centre point of England at Meriden , and is the most inland major city in the country, and lying north of the Cotswolds and east of the Shropshire Hills . Distinctively, Birmingham only has small rivers flowing through it, mainly the River Tame and its tributaries River Rea and River Cole – one of the closest main rivers is the Severn , approximately 20 miles (32 km) west of
13452-817: The wider metropolitan area with a population numbering 3,558,916 in 2019 according to Eurostat. Around 305,688 or 26.7% of the population in 2021 were foreign-born , making it a city with one of the largest migrant populations in Europe . According to figures from the 2021 census, 48.7% of the population was White (42.9% White British , 1.5% White Irish , 4.0% Other White , 0.2% Roma , 0.1% Irish Traveller ), 31% were Asian (17.0% Pakistani , 5.8% Indian , 4.2% Bangladeshi , 1.1% Chinese , 2.9% Other Asian ), 10.9% were Black (5.8% African , 3.9% Caribbean , 1.2% Other Black ), 4.8% of Mixed race (2.2% White and Black Caribbean, 0.4% White and Black African, 1.1% White and Asian, 1.1% Other Mixed), 1.7% Arab and 4.6% of Other ethnic heritage. The 2021 census showed 26.7% of
13570-426: Was a member of the Building Societies Association and Financial Ombudsman Service, as well as the FSCS deposit guarantee scheme. As a mutual, it was owned by and operated for its members. The society claimed to operate a streamlined organisation, based in the heart of Manchester, which allowed them to keep costs to a minimum and pass on the benefits to members. From 2016, the society was instructed by its regulator,
13688-418: Was driven by different factors. Instead of the economies of scale of a low-paid, unskilled workforce producing a single bulk commodity such as cotton or wool in large, mechanised units of production, Birmingham's industrial development was built on the adaptability and creativity of a highly paid workforce with a strong division of labour , practising a broad variety of skilled specialist trades and producing
13806-649: Was established in Leeds in 1785. Most of the original societies were fully terminating , where they would be dissolved when all members had a house: the last of them, First Salisbury and District Perfect Thrift Building Society , was wound up in March 1980. In the 1830s and 1840s a new development took place with the permanent building society , where the society continued on a rolling basis, continually taking in new members as earlier ones completed purchases, such as Leek Building Society . The main legislative framework for
13924-712: Was more favourable to shareholders than to customers, with the remaining mutual building societies offering consistently better rates. The Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 , known as the Butterfill Act, was passed in 2007 giving building societies greater powers to merge with other companies. These powers have been used by the Britannia in 2009 and Kent Reliance in 2011 leading to their demutualisation. Prior to 31 December 2010, deposits with building societies of up to £50,000 per individual, per institution, were normally protected by
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