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More than 5000 entries on the history, culture and life of Britain (published in 1993 by Macmillan, now out of print)
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TSB
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(Trustee Savings Bank) One of the *clearing banks, formed as a public limited company in 1986. It derived from the many trustee savings banks which in the mid-19C looked after the savings of the working class, particularly in the industrial cities. The first was set up in 1810 by the Rev. Henry Duncan as the Parish Savings Bank at Ruthwell, in Dumfriesshire; by 1820 there were nearly 500 such banks around the country. Legislation was passed in 1817 requiring the trustees to invest the money in government bonds, and it subsequently became established that the interest should be tax free – two features adopted later in the century for the government's own *National Savings.
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Over the years the trustee savings banks tended to merge; in 1976 they were reduced from 70 to four (one each for England, Wales, Scotland and Northern Ireland). It was the Central Board of these four which moved the emphasis from savings to full-scale banking and so created the TSB which merged in 1999 with *Lloyds to become Lloyds TSB.
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