NewsMine — cabal-elite — globalization — britain — Viewing Item

Bank of england history Original Source Link: (May no longer be active)    http://www.bankofengland.co.uk/history.htm http://www.bankofengland.co.uk/history.htm History of the Bank This area of the website provides material on the history of the Bank of England. There are various histories to look at on the site, charting different periods and aspects of the Bank's past. Further information about the Bank's past and its historical collections and records are available in the Museum area of the site. The Bank of England was founded in 1694 to act as the Government's banker and debt-manager. Since then its role has developed and evolved, centred on the management of the nation's currency and its position at the centre of the UK's financial system. The history of the Bank is naturally one of interest, but also of continuing relevance to the Bank today. Events and circumstances over the past three hundred or so years have shaped and influenced the role and responsibilities of the Bank. They have moulded the culture and traditions, as well as the expertise, of the Bank which are relevant to its reputation and effectiveness as a central bank in the early years of the 21st century. At the same time, much of the history of the Bank runs parallel to the economic and financial history, and often the political history, of the United Kingdom more generally. If you want to get closer to the Bank's history and are visiting London, the Bank's Museum provides a unique insight into the history of the Bank and its business, alongside a great deal of material about the Bank today. Key moments in the Bank's history - a brief guide King William & Queen Mary When William and Mary came to the throne in 1688, public finances were weak. The system of money and credit was in disarray. A national bank was needed to mobilise the nation's resources. William Paterson William Paterson proposed a loan of £1,200,000 to the Government. In return the subscribers would be incorporated as the Governor and Company of the Bank of England. The Royal Charter The money was raised in a few weeks and the Royal Charter was sealed on 27th July 1694. The Bank started life as the Government's banker and debt-manager, with 17 clerks and 2 gatekeepers. In 1734 the Bank moved to Thread-needle Street, gradually acquiring land and premises to create the site seen today. Commercial functions The Bank managed the Government's accounts and made loans to finance spending at times of peace and war. A commercial bank too, it took deposits and issued notes. The 18th Century During the 18th Century the Government borrowed more and more money. These outstanding loans were called the National Debt. 1781: renewal of the Bank's Charter Reliance on the Bank of England was such that when its charter was renewed in 1781 it was described as ' the public exchequer'. The bankers' bank By now the Bank was acting as the bankers' bank too. It was liable to fail if all its depositors decided to withdraw their money at the same time. But the Bank made sure it kept enough gold to pay its notes on demand. The 'Restriction Period' By 1797 war with France had drained the gold reserves. The Government prohibited the Bank from paying its notes in gold. This Restriction Period lasted until 1821. The 19th Century The 1844 Bank Charter Act tied the note issue to the Bank's gold reserves. The Bank was required to keep the accounts of the note issue separate from those of its banking operations and produce a weekly summary of both accounts. Lender of last resort The Bank Return, as it's called, is still published every week. In the 19th Century the Bank took on the role of lender of last resort, providing stability during several financial crises. The First World War: 1914-18 During the First World War the National Debt jumped to £7 billion. The Bank helped manage Government borrowing and resist inflationary pressures. Gold In 1931 the United Kingdom left the gold standard; its gold and foreign exchange reserves were transferred to the Treasury. But their management was still handled by the Bank and this remains the case today. Nationalisation 1946 After the Second World War the bank was nationalised. It remained the Treasury's adviser, agent and debt manager. Financial crises During the 1970s, the Bank played a key role during several banking crises. The Bank was at the fore when monetary policy again became a central part of Government policy in the 1980s. Operational independence May 1997 In May 1997 the Government gave the Bank responsibility for setting interest rates to meet the Government's stated inflation target. Managing the modern bank The 1998 Bank of England Act made changes to the Bank's governing body too. The Court of Directors, as it's known, is now made up of the Bank's Governor and 2 Deputy Governors, and 16 Non-Executive Directors.

Agents and merchants american colonial policy Bank of england history Banks and politics in american revolution Bill must pass british unelected house of lords { May 7 2003 } Blair advisor calls for colonialism again { April 7 2002 } Blair bush [jpg] Blair faces growing chorus from labour to quit Blair failed to detain suspects without charge { November 9 2005 } Blair insists parliament is out of touch with public { November 9 2005 } Blair says lets reorder the world { October 3 2001 } Blair takes on his own party with reforms { November 4 2005 } Blair threat to gag newspapers in iraq { November 24 2005 } Britain and france nearly married in 1956 { January 15 2007 } Britain charges two with breaking secrets act { November 18 2005 } Britain hands tibet to china on silver platter Britain house of lords seats for sale British colonization of france { July 10 2005 } British haughtiness emerges after french riots British highest judicial court is still house of lords British intelligence of 1800 { April 15 1994 } British parliament skips house of lords on fox hunting ban { September 15 2004 } British prime minister arm twists african nations { September 22 2007 } Brits assimilated by germans in fifth century Brits call for world action on global hunger { April 23 2008 } Brits congratulate napoleon coup 1851 Brits had apartheid society fifth century from dutch { July 18 2006 } Brits lack of free press protects saudis reputation { May 22 2004 } Churchill gives east europe to stalin in 1945 Currency market control centered in london England sells lords seats for secret loans { December 14 2006 } France proposed union with britain in 1956 { January 15 2007 } Gunpowder plot work of agents provocateurs [jpg] London bankers price fix gold { November 18 2007 } London turns against its foreigners 15th century { May 10 2004 } Parliament description of the gunpowder plot Rise of great britain to world power South sea bubble 1694 1722 Files Listed: 37

Correction/submissions

CIA FOIA Archive

National Security Archives

This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information, go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purpose of your own that go beyond 'fair use', you must obtain permission from the copyright owner.