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History of the Bank
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.
If you want to get closer to the Bank's history and are visiting London, the Bank's Museum provides a unique insight into the history of the Bank and its business, alongside a great deal of material about the Bank today.
Key moments in the Bank's history
The First World War: 1914-18
During the First World War the National Debt jumped to 7 billion. The Bank helped manage Government borrowing and resist inflationary pressures.
Gold standard
In 1931 the United Kingdom left the gold standard; its gold and foreign exchange reserves were transferred to the Treasury...