The International Dimension: A Global Macmillan Gap
In the British financial system the separation of government and the private sector is exemplified by the continuing mutual distrust of the City and Whitehall; but it is the City which provides the funds and other financial services for both private industry and government. 3i, born in the City but inspired by government, has always sat uncomfortably between the two, the awkward relationship symbolized by its physical location south of the Thames at Waterloo. But there should be no doubt that it is a private sector institution filling a private-sector need on purely commercial terms; it has needed no government funds, no guarantees, and no subsidies.
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