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A Perspective View of the Bank of England (published 1756): the bank initially occupied a narrow site behind the front on Threadneedle Street. The Bank of England moved to its current location, on the site of Sir John Houblon's house and garden in Threadneedle Street (close by the church of St Christopher le Stocks), in 1734. [52]
The Bank of England Museum, located within the Bank of England in the City of London, is home to a collection of diverse items relating to the history of the Bank and the UK economy from the Bank's foundation in 1694 to the present day. The museum is open to the public, free of charge.
The Bank of England, which is now the central bank of the United Kingdom, British Crown Dependencies and British Overseas Territories, has issued banknotes since 1694. In 1921 the Bank of England gained a legal monopoly on the issue of banknotes in England and Wales, a process that started with the Bank Charter Act 1844, when the ability of other banks to issue notes was restricted.
Under the Bank of England Act 1998 (c. 11) the Bank's Governor must write an open letter of explanation to the Chancellor of the Exchequer if inflation exceeds the target by more than one percentage point in either direction, and once every three months thereafter until prices are back within the allowed range. It should also set out what plans ...
Houblon has been commemorated by his appearance on the reverse of Series E £50 notes issued by the Bank of England. The notes were issued in 1994, the year of the Bank's 300th anniversary. The design includes an image of Houblon's house in Threadneedle Street, the site of the present Bank of England building. [6]
The self-interest of the Bank of England thereby caused additional failures. Although banker Henry Thornton described in 1802 the proper lender of last resort actions to be taken by a central bank in such a crisis, it was not until the Overend Gurney crisis of 1866 that the Bank of England would take action to prevent widespread panic ...
The Old Bank of England is a public house at 194 Fleet Street, where the City of London meets the City of Westminster. It was constructed on a corner site in 1886 by Sir Arthur Blomfield in a grand Italianate style, the interior having three large chandeliers with a detailed plaster ceiling. It is a Grade II listed building. [1] [2]
The Bank of England acts as the UK's central bank, influencing interest rates paid by private banks, to achieve targets in inflation, growth and employment.. The Bank of England was originally established as a corporation with private shareholders under the Bank of England Act 1694, [1] to raise money for war with Louis XIV, King of France.