Bank of England : A Brief History

Bank of England popularly known as the old lady of Threadneedle Street was founded in 1964. The organisation is known to be UK central and government bank. The institution is responsible for issuing the bank notes, regulate the gold reserve of the country and from 1997, has been looking forward to announcing and implementing the interest rates in the banking industry.

 

After Swedish Riksbank, the Bank of England is one of the second oldest banks in the world.

 

The nuances of a central bank in a country are many and have been identified as a scope to establish the one in the United Kingdom was the idea of a famous Scotsman, known as William Peterson. He recognized that an institution should have a head count to regulate the finances of the nation as till the time Bank of England gt established and came into the power, the country doesn’t have any real system for credit or money.

 

Let’s know through some of the important dates about  the Bank of England:

 

1964:

The Bank was established as a privately run enterprise and will act as a banker for the government of UK. At the time of inception Mary and William, the Queen and King of UK were the original stakeholders.

 

1964:

Sir John Houblon, was said to be designated as the first governor of the bank.

 

1725:

The year has its presence in the history of Bank of England as this was the only year when the government started issuing half printed notes for the denomination of £20 and above. The highest denomination available is £90.

 

1734:

Bank of England moves to its new destination in Threadneedle Street, where the same is standing today too. More than 100 years have passed, but the structure is still dominant just the few additions of the nearby properties to add upon the new staff for coming ventures to be handled by the institution.

 

1844:

The revolutionary year which handed over most of the power of the issue of banknotes to the UK. This year is remembered as the Bank of England have restricted the issuance of notes from any other source other than the UK.

 

1920:

Montagu Norman was announced to be one of the governors of the bank . He has played a great role in building the monetary policy for the bank.

 

1946:

Bank of England got nationalized. The institution is governed by the government rather than any private stakeholders.

 

1960:

Bank of England started featuring Queen Elizabeth 2 on their banknotes.

 

1968:

Marks its presence in the history by issuing Giants of £1 million and never leave the premises of Bank of England too.

 

1970:

 

Bank released their first pictorial £20 note features famous balcony landscape from the famous and divine love story of Romeo and Juliet and at the back William Shakespeare. The notes marked the beginning of the history for series D and started featuring the subsequent historical figures at the back of banknotes.

 

1994:

Bank of England celebrating its 300 anniversary!

 

1997:

the Golden year in the history of Bank of England as the institution become independent of all kind of regulations. And can set its monetary policy now with the freedom for day to day various political interference too.

 

2016:

Bank of England released its first polymer banknote. The £5 appeared with Sir Winston Churchill. As the polymer is quite a thin plastic material can last and also stays quite hard and clean to counterfeit the previous version of paper banknotes.

 

Bank of England is looking forward to exploring new milestones going forward and near endeavors to explore!!!

 

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