The History of the Bank of England
The year 1694 marks the establishment of the Bank of England.
The purpose of this structure was to administer finances and debts of the country by acting on behalf of the government.
Since the formulation of the band, its part regarding the administration of the money of the nation, and its position in the heart of the financial system of UK has seen immense development, and evolution.
The structure of the bank has changed in the last 300 years regarding its objectives, role and responsibilities.
The reason that can be highlighted for this situation stands in the loci of the occurrences, and situations that have been experienced.
Certain events have direct or indirect effect on the bank, altering or often augmenting the purpose of the bank.
The history of the bank has been majorly shaped by the economical, financial, and often political events taking place.
When the Bank was inaugurated, it had a staff consisting of seventeen clerks, and two gatekeepers.
The bank was shifted from the original position to Grocer's Hall in the Princes Street, and it continued to remain there until 1734 after which, it was shifted at the Threadneedle Street.
With the passage of time, it occupied nearby three-acre land site, which makes the outer boundary of the Bank.
Sir John Houblon was appointed as the first governor of the court of directors, whose purpose was to ensure efficient management.
In the initial years of the bank, it had to encounter the pressurising demands of the government along with facing the matter concerning the new coinage.
Acceptance of deposits, and discounts on the bills were adopted, as the traditional banking business.
The bank prospered as its notes were largely acknowledged by the masses.
Its relationship with the government, its private banking business, and its role in the financial system made it the most dominant bank of that time.
A slight hurdle in the further development of the Bank was a threat by a mob, which occurred with the Gordon Riots in 1780.
However, in this situation the government provided support by accommodating the bank with military personnel.
At the closure of the Napoleonic wars, the country faced a significant amount of debt by the 1700s.
The tremendous increase was from £ 12mn to £850mn.
The year 1797 witnessed a great deal of loss on its gold reserves.
The bank ceased to give out more gold instead of notes and this practiced lasted until 1821.
This year also marks the launch of £1 and £2 notes.
The launch of these notes also increased inflation and there was a major slump.
Counterfeiting was another issue that came face to face, for which 300 people were hanged during restriction period.
150 years after the bank was established a Bank Charter Act was released.
As per this Act, the Bank has an official monopoly on the notes that were issued in England and Wales.
This marked the Bank being the only monetary authority for the United Kingdom.
This was a major step towards progress.
The purpose of this structure was to administer finances and debts of the country by acting on behalf of the government.
Since the formulation of the band, its part regarding the administration of the money of the nation, and its position in the heart of the financial system of UK has seen immense development, and evolution.
The structure of the bank has changed in the last 300 years regarding its objectives, role and responsibilities.
The reason that can be highlighted for this situation stands in the loci of the occurrences, and situations that have been experienced.
Certain events have direct or indirect effect on the bank, altering or often augmenting the purpose of the bank.
The history of the bank has been majorly shaped by the economical, financial, and often political events taking place.
When the Bank was inaugurated, it had a staff consisting of seventeen clerks, and two gatekeepers.
The bank was shifted from the original position to Grocer's Hall in the Princes Street, and it continued to remain there until 1734 after which, it was shifted at the Threadneedle Street.
With the passage of time, it occupied nearby three-acre land site, which makes the outer boundary of the Bank.
Sir John Houblon was appointed as the first governor of the court of directors, whose purpose was to ensure efficient management.
In the initial years of the bank, it had to encounter the pressurising demands of the government along with facing the matter concerning the new coinage.
Acceptance of deposits, and discounts on the bills were adopted, as the traditional banking business.
The bank prospered as its notes were largely acknowledged by the masses.
Its relationship with the government, its private banking business, and its role in the financial system made it the most dominant bank of that time.
A slight hurdle in the further development of the Bank was a threat by a mob, which occurred with the Gordon Riots in 1780.
However, in this situation the government provided support by accommodating the bank with military personnel.
At the closure of the Napoleonic wars, the country faced a significant amount of debt by the 1700s.
The tremendous increase was from £ 12mn to £850mn.
The year 1797 witnessed a great deal of loss on its gold reserves.
The bank ceased to give out more gold instead of notes and this practiced lasted until 1821.
This year also marks the launch of £1 and £2 notes.
The launch of these notes also increased inflation and there was a major slump.
Counterfeiting was another issue that came face to face, for which 300 people were hanged during restriction period.
150 years after the bank was established a Bank Charter Act was released.
As per this Act, the Bank has an official monopoly on the notes that were issued in England and Wales.
This marked the Bank being the only monetary authority for the United Kingdom.
This was a major step towards progress.