Bank of England

Bank of England

The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government’s banker, and still one of the bankers for the Government of the United Kingdom, it is the world’s eighth-oldest bank.

The Bank of England Branches

The Bank of England used to have branches around the country. But in 1997 they were replaced with 12 regional agencies. The former Leeds branch became a cash centre to help distribute banknotes around the country.  The Agencies are the Bank of England’s ‘eyes, ears and voice’ in their regions. They collect information about trends and new developments and help to explain our policy decisions to businesses, industry and labour groups.

The Bank of England issues its first pictorial note

The £20 note issued in 1970 featured William Shakespeare on the back, along with the famous balcony scene from Romeo and Juliet. It marked the beginning of a brand-new series of banknotes (Series D) featuring a historical figure on the back.  Portraits and highly detailed machine engraving were blended into historical scenes, making the notes more difficult to copy. The Shakespeare £20 note was the work of Harry Norman Eccleston MBE, the Bank’s first full time artist-designer, and his assistant Roger Withington.

Bank of England founded

The Bank of England began as a private bank that would act as a banker to the Government. It was primarily founded to fund the war effort against France. The King and Queen of the time, William and Mary, were two of the original stockholders. The original Royal Charter of 1694, granted by King William and Queen Mary, explained that the Bank was founded to ‘promote the public Good and Benefit of our People’.

In essence, this is still used today in our current mission statement: ‘Promoting the good of the people of the United Kingdom by maintaining monetary and financial stability’. The Bank of England opened for business on 1 August 1694 in temporary accommodation in the Mercers’ Hall in Cheapside. It had a staff of just 17 clerks and two gatekeepers.