Bank of England

The Columbia Encyclopedia, 6th ed.

Bank of England

Bank of England, central bank and note-issuing institution of Great Britain. Popularly known as the Old Lady of Threadneedle Street, its main office stands on the street of that name in London. The bank has eight branches, all of which are located in the British Isles. Although Bank of England notes are legal tender throughout Great Britain and Northern Ireland, banks in Scotland and Northern Ireland also issue notes that may be either used as currency themselves or exchanged for Bank of England issues. In all matters beside note issue, the Bank of England has sole central banking functions in Great Britain. The affairs of the bank are controlled by a governor, a deputy, and 16 directors.

It was founded (1694) as a commercial bank by William Paterson with a capital of £1.2 million, which was advanced to the government in return for banking privileges, including the right to issue notes up to the amount of its capital. In 1709 the capital was doubled; the charter was renewed in 1742, 1764, and 1781. The bank's facilities proved a great asset in English commercial, and later industrial, expansion. The bank's functions were both public and private; it safeguarded the English pound and also operated for private profit. Efficient regulation was assured by the Bank Charter Act of 1844, which laid the basis for the bank's modern structure. The issue department, which handles the issuing of bank notes for general circulation, was separated from the banking department, which handles the remaining banking functions, including the management of the public debt, and serves as the depository of government funds and as the staple bank of England. It was privately owned until 1946, when an act of Parliament provided for its nationalization. The stockholders were compensated, and the bank subsequently dropped virtually all its private business. In 1997 the bank was given the power to set interest rates, a function formerly performed by the cabinet; at the same time its oversight of the British banking industry was transferred to the Securities and Investments Board

See J. H. Clapham, The Bank of England: A History (2 vol., 1944; repr. 1966); J. Giuseppi, The Bank of England (1966); R. Roberts and D. Kynaston, ed., The Bank of England: Money, Power, and Influence 1694–1994 (1995); The Bank of England,1891–1944 (1976, repr. 1986) by R. S. Sayres and 1950s to 1979 (2010) by F. Capie.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Bank of England
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.