Bank of England

The Bank of England is the financial pride of England.

The Bank of England is the United Kingdom’s central bank, located on Threadneedle Street, in England’s London, in Europe.
The ‘Bank of England’ is officially known as the ‘Governor and Company of the Bank of England’, and it is also informally known as ‘The Old Lady of Threadneedle Street’.
The Bank of England, as a central bank, is the second oldest on earth, and its framework has been used as guide for nearly all central banks in existence today.
In 1694, the Bank of England was founded, using a proposed scheme designed by Scotsman William Paterson, with the support of the first Earl of Halifax, Charles Montagu, and merchant Michael Godfrey.
Initially, subscribers provided financial assistance to fund the Bank of England, while the bank provided a loan of 1.2 million pounds (1.8 million US dollars) to the English government, after an economical collapse due to being defeated at the hands of France.

The Bank of England originated in Walbrook in London, on a site where the Mithras temple of the Roman ‘God of Contracts’ once stood, and the bank was later relocated to its site on Threadneedle Street in 1734.
Money notes began to be distributed by the Bank of England from 1694, originally made by hand, until 1725 when notes started to become printed mechanically.
A vault can be found underneath the Bank of England, that houses a store of gold that was worth 156 billion pounds (nearly 240 billion US dollars) in 2012.
The currency used by the Bank of England is pound sterling, and the bank had a total reserve of 403 billion pounds (620 billion US dollars) in 2013.
The Bank of England premises on Threadneedle Street has been built and rebuilt a number of times over the centuries, while the current bank building was designed by Englishmen Herbert Baker, and was constructed from 1925 to 1939.

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