Hotels near the Bank of England, EC4
You are searching for a hotel near the Bank of England in London postcode EC4.
The Bank of England is the United Kingdoms central bank. It was founded in the 1690s by William Paterson who, acting as the English government's banker, proposed an initial £1.2 million loan to the government and in return gave the loans subscribers long-term banking privileges as the issue of notes. The Bank of Englands original construction was above the ancient Londinium-era Temple of Mithras (Roman god of contracts) at Walbrook. But since 1734, the Bank has been located on Threadneedle in the heart of the City of London.
Starting with its inception in the 1690s, the Bank of England has issued banknotes. Originally these notes were handwritten until 1725 when they were partially printed (but cashiers were still required to sign the notes and ensure them as payable). Fully printed notes came round in 1855. Notes were originally hand-written; although they were partially printed from 1725 onwards, cashiers still had to sign each note and make them payable to someone. Notes were fully printed from 1855. Today, the Bank of England holds a monopoly on the issuance of banknotes in England and Wales. However, Scottish and Northern Irish banks have the right to issue such notes as well, as long as they are backed one-to-one with deposits in the Bank of England.
Beyond issuance of banknotes, the Bank of England performs all the functions expected of a central bank. It works to maintain price stability, to support the British governments economic policies and to promote the UKs economic growth. Essentially, these functions fall under two main categories: monetary stability and financial stability. For monetary stability, stable prices and currency confidence are the most important factors. With respect to financial stability, the Bank of England strives to protect the nations entire financial system from threats arising abroad and domestically. To best meet its objectives, the Bank of England works closely a number of other monetary and financial institutions, such as the HM Treasury, the Financial Services Authority and - as an combined effort to improve and safeguard the international financial systems - with other central banks and international organizations.
For more about the Bank of England and its fascinating and integral history, a great place to start is the Banks very own museum, which through its collections and exhibitions "tells the story of the Bank of England from its foundation in 1694 to its role today as the United Kingdoms central bank." Visit the
museum online.
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