The Economy: 2. Interest Rates and Mortgage Rates
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History of Interest Rates in England
Religious laws limited the interest that lenders could charge on loans in the early days of the Industrial Revolution./nThis led to the birth of new, exciting types of goods and machines, but also made it risky for banks to lend to industrialists./nInstead, they were more likely to lend to landowners, who were more likely to repay the loan./nThis led to the development of new, more efficient ways of doing things, but also made it more difficult for people who had invested in the new technology to get their money back.
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