About the Bank of England
The Bank of England, founded in 1694, is the central bank of the United Kingdom and the model on which most modern central banks have been based. It is the second oldest central bank in the world, after the Sveriges Riksbank, and the world's 8th oldest bank.
Interesting Facts About the Bank of England
Nickname: The Old Lady of Threadneedle Street
The Bank of England is often referred to as "The Old Lady of Threadneedle Street" due to its location on Threadneedle Street in the City of London.
Gold Vaults
The Bank of England's vaults hold around 400,000 bars of gold, worth over £200 billion. It's the second-largest holder of gold in the world.
Banknote Printing
The Bank of England has been producing banknotes since 1694. Modern notes contain sophisticated security features to prevent counterfeiting.
Role of the Bank of England
- Maintaining monetary stability in the UK
- Issuing banknotes
- Setting interest rates
- Regulating banks and financial firms
- Maintaining financial stability
History Timeline
- 1694: Founded by William III to fund war against France
- 1734: Moves to its current location on Threadneedle Street
- 1844: Given exclusive rights to issue banknotes in England and Wales
- 1997: Granted operational independence from the UK government
- 2009: Begins quantitative easing in response to the global financial crisis