Bank of England

Sectors:

  • Financial services Central banking services

Notes:

Established 1694 to make loans to British government. Enjoyed a monopoly of joint stock banking in England until 1820s. Almost immediately issued its own notes. Soon undertook other services for government such as managing its debt. From 1820s opened branches in principal cities. Also undertook a commercial banking business. In 20th century emerged as a fully-fledged central bank. Involved in industrial rationalisation in 1920s and 1930s. Managed exchange controls from 1939. 1946 nationalised. Financial regulatory functions handed to FSA in 1997. At same time given independence in establishing interest rates and hence monetary policy

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