{"id":4194,"date":"2018-07-15T12:57:45","date_gmt":"2018-07-15T12:57:45","guid":{"rendered":"https:\/\/schoolshistory.org.uk\/topics\/?page_id=4194"},"modified":"2022-04-12T18:00:31","modified_gmt":"2022-04-12T18:00:31","slug":"bank-of-england","status":"publish","type":"page","link":"https:\/\/schoolshistory.org.uk\/topics\/british-empire\/economic-consequences-of-empire\/bank-of-england\/","title":{"rendered":"Bank of England"},"content":{"rendered":"

The Bank of England was established in 1694. Its purpose was to “promote the public Good and Benefit of our People”. Building on the practises of existing goldsmiths the Bank of England became the official bank of the United Kingdom. It would service government debt and manage monetary issues. The bank was originally established by Royal Charter and had private shareholders. It issues English currency on behalf of the Government.<\/strong><\/p>\n

\"Bank<\/a><\/p>\n

<\/div>\n
The early Bank of England accepted deposits of money from the general public in much the same way that high street banks do today. It had shareholders, King William III and Queen Mary being two of them. The Bank was charged with creating and managing coinage for the English Government and managing its circulation. Predating the Act of Union<\/a> the Bank did not have its charter or role adjusted in 1707, separate banking arrangements remaining in place for Scotland.<\/div>\n
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Bank of England Links<\/h2>\n
<\/div>\n
The Bank of England website provides a timeline<\/a> of its history.<\/div>\n
<\/div>\n
History of Financial Institutions in the UK<\/a><\/div>\n
<\/div>\n
Walter Thornbury, ‘The Bank of England’, in\u00a0Old and New London: Volume 1<\/em>\u00a0(London, 1878), pp. 453-473.\u00a0British History Online<\/em>\u00a0http:\/\/www.british-history.ac.uk\/old-new-london\/vol1\/pp453-473<\/a> [accessed 26 July 2018].<\/div>\n
<\/div>\n
An introduction to English Banking by Roger Outing on the British Museum Website<\/a>.<\/div>\n
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Further Reading on the British Empire<\/h3>\n

Making of the United Kingdom<\/h2>\n

Making of the United Kingdom unit homepage<\/a>\u00a0\u2013\u00a0Glorious Revolution<\/a>\u00a0\u2013\u00a0The British in Ireland, 1688-1691<\/a>\u00a0\u2013\u00a0Settlement of Ireland<\/a>\u00a0\u2013\u00a0Jacobite Opposition<\/a>\u00a0\u2013\u00a0Glencoe Massacre<\/a>\u00a0\u2013\u00a0Darien Scheme<\/a>\u00a0\u2013\u00a0Act of Union<\/a>\u00a0\u2013\u00a0Migration to the Americas<\/a><\/p>\n

Economic Consequences of Empire<\/h2>\n

Economic Consequences of Empire \u2013 Unit homepage<\/a>\u00a0\u2013\u00a0Royal African Company<\/a>\u00a0\u2013\u00a0Triangular Trade<\/a>\u00a0\u2013\u00a0Lifting of the RAC monopoly<\/a>\u00a0\u2013\u00a0Plantations<\/a>\u00a0\u2013\u00a0The Slave Economy<\/a>\u00a0\u2013\u00a0Opposition to the Slave Trade in North America<\/a>\u00a0\u2013\u00a0Slave Resistance<\/a>\u00a0\u2013\u00a0East India Company<\/a>\u00a0\u2013\u00a0Expansion of trade in East India<\/a>\u00a0\u2013\u00a0Bank of England<\/a>\u00a0\u2013\u00a0South Sea Bubble Bursts<\/a><\/p>\n

How did the Empire affect working lives and consumer habits in Britain?<\/h2>\n

Empire and consumerism<\/a>\u00a0\u2013\u00a0Involvement of the British population in the slave trade and the \u2018slave ports\u2019<\/a>\u00a0\u2013\u00a0Emergence of consumerism<\/a><\/p>\n

How did the Empire affect British politics and changing ideas?<\/h2>\n

Politics and changing ideas<\/a>\u00a0\u2013\u00a0Coffee houses and developing political activism<\/a>\u00a0\u2013\u00a0growth of ideas of a racial hierarchy and the impact on settled minority communities<\/a><\/p>\n

Common questions about the British Empire<\/h2>\n

Questions about the British Empire<\/a>\u00a0\u2013\u00a0When did the British Empire start?<\/a>\u00a0\u2013\u00a0When did the British Empire end?<\/a>\u00a0\u2013\u00a0What countries were in the British Empire?<\/a>\u00a0\u2013\u00a0Why did Britain want an empire?<\/a>\u00a0\u2013\u00a0What was life like in the British Empire?<\/a>\u00a0\u2013\u00a0Was the British Empire a force for good or bad?<\/a>\u00a0\u2013\u00a0What is Is perfidious Albion?<\/a>\u00a0\u2013\u00a0How was the British Empire controlled?<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Bank of England was established in 1694. Its purpose was to “promote the public Good and Benefit of our People”. Building on the practises of existing goldsmiths the Bank of England became the official bank of the United Kingdom. It would service government debt and manage monetary issues. The bank was originally established by… <\/p>\n","protected":false},"author":1,"featured_media":4323,"parent":4144,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"class_list":["post-4194","page","type-page","status-publish","has-post-thumbnail","hentry"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t