Consider the following statements regarding the Industrial Revolution in Britain: I. There was availability of banks which could loan money to set up industries. II. There was a good transport network. Which of the statements given above is/are correct?
C. Both I and II
The Industrial Revolution in Britain was facilitated by several key factors. Statement I is correct. Britain had a well-developed financial system. The Bank of England was established in 1694, and by the late eighteenth century, there were numerous provincial banks that provided the necessary capital and loans to entrepreneurs to set up industries. Statement II is also correct. Britain possessed an excellent transport network. It had a long coastline and many navigable rivers, which made the transportation of raw materials and finished goods easier and cheaper. This was later enhanced by the construction of canals and railways. Since both statements are correct, the correct option is Both I and II.
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