Building Society
Categories: Regulations, Real Estate
A British version of a credit union or savings and loan association in the U.S.
Margaret sat in her Canary Wharf office, envious of the success had by institutions in the U.S. that pooled savings from their owners, then used those funds to extend loans to other customers.
When she became Prime Minister of the United Kingdom, she implemented a similar system, but felt the word “union” was too American...so she called her version a “Building Society” while chomping on her crumpets and drinking her English Breakfast tea.
