Industrial stagnation sparked new discussions about the relationship between the state and the economy. The economic slump compelled Henry Clay, a professor of economics at the University of Manchester, to develop theories on unemployment and wages. Alongside leading academics, including Edwin Cannan, Arthur Pigou, and John Maynard Keynes, Clay reconceptualized the role of the central bank in industrial affairs. His ideas attracted the attention of Bank officials, who subsequently employed him to lead new initiatives, such as Securities Management Trust. The closure of unproductive firms and the provision of loans to failing businesses represented the Bank’s concerted efforts to revitalize Britain’s industrial sector.