Bank of England

Bank of England (55)

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The Bank of England was founded as a private institution in 1694 by the Scot William Paterson, and established itself in its current City headquarters, in Threadneedle Street, at the beginning of the 18th century. This is why some people refer to it as the Old Lady of Threadneedle Street. Initially, it was created to finance the war.

In 1788 the architect John Soane was entrusted with the total reconstruction of the building. The works, which lasted until well into the 19th century, resulted in an elegant property in neoclassical style surrounded by a wall without windows. During the 20th century it was completely reformed, although Herbert Baker, the architect responsible for the project, conserved the original façade.

Today, the Bank of England, which was nationalised in 1946, is the central bank of the United Kingdom, and its mission is to promote and maintain financial stability, as well as guaranteeing a healthy domestic economy. Apart from offering conventional banking services to its clients, it is the institution responsible for controlling the gold reserves and issuing the nation’s banknotes. Since 1997 it has also set the interest rates.

The bank also has a museum that is free to enter that gives a detailed explanation of the 300 years history of the institution, as well as its present role. Among its collections feature many photos, coins, notes and even gold ingots.

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