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The Bank of England

1062 of 1160 nominations


The Bank of England

Is this an icon?


The Bank of England

The “Old Lady of Threadneedle Street” sits sedately on the corner of Threadneedle Street and Princes Street in the City of London, with her windowless walls sending a message of impenetrability to would-be thieves and reassurance of eternal stability to her patrons. The Bank moved to this site in 1734 but it was not until nearly one hundred years later that the impressive edifice we see today was completed. It was not as impenetrable as it first appeared, however. A sewerman one day discovered that one of the sewers he was repairing gave him access to the bullion vault! Founded in 1694 by Scotsman William Paterson, the Bank was initially a commercial enterprise, with capital of £1.2 million to lend the government at a favourable rate. Nowadays the independent Bank of England is the central bank and note-issuing institution in Britain. It safeguards the pound, sets interest rates to keep inflation low, manages the national debt and is the depository of public funds. The Bank got its nickname from a 1797 cartoon by Gillray where its personification is an elderly lady wearing a dress made out of £1 notes and being wooed by the Prime Minister.

Image: Topfoto.co.uk


Your comments

Solid, Staid, Boring and Important.

iannis carras

The Bank of England was founded by a Scot!!!!

The Bank of England was founded in 1694 to act as the Government's banker and debt-manager. Since then its role has developed and evolved, centred on the management of the nation's currency and its position at the centre of the UK's financial system. The history of the Bank is naturally one of interest, but also of continuing relevance to the Bank today. Events and circumstances over the past three hundred or so years have shaped and influenced the role and responsibilities of the Bank. They have moulded the culture and traditions, as well as the expertise, of the Bank which are relevant to its reputation and effectiveness as a central bank in the early years of the 21st century. At the same time, much of the history of the Bank runs parallel to the economic and financial history, and often the political history, of the United Kingdom more generally.
Jim Conner

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I believe rice, peas and jerk chicken is an Icon of England.

Ade Adeluwoye