On July 27, 1694, the Bank of England received its Royal Charter, officially incorporating it as The Governor and Company of the Bank of England.

The Bank of England started its operations on 1 August 1694 in temporary accommodation at the Mercers' Hall in Cheapside with a small staff of 17 clerks and two gatekeepers.

On 31 December 1694, the Bank of England relocated to Grocers' Hall located on Poultry, where it operated for almost 40 years. This move was necessary due to the inadequate space at the previous location.

In 1695, the Land Bank was established by John Asgill and Nicholas Barbon. It posed a threat to the Bank of England's position due to a currency shortage caused by the Great Recoinage of 1696.

In 1700, the Hollow Sword Blade Company was purchased by a group of businessmen aiming to establish a competing English bank. This action was a failed attempt as the Bank of England's monopoly on English banking was renewed.

The 1715 Ways and Means Act authorized the Bank of England to receive subscriptions for a government issue of 5% annuities, marking the bank's role in managing Government Stocks and allowing people to invest in government debt.

The South Sea Bubble was the first financial crisis in the history of the Bank of England. It was a speculative bubble in the early 18th century that led to a major financial collapse.

In 1724, the Bank of England entered into a contract with Henry Portal to provide high-quality paper for the printing of banknotes.

In 1725, the Bank of England issued its first denominated banknotes, marking a significant development in the history of banking and currency.

In 1734, the Bank of England relocated to Threadneedle Street, gradually expanding its premises to the current building.

During the Seven Years War in 1759, Bank of England issued a £10 note for the first time, in response to the inflationary pressure on the British economy.

In 1764, Robert Taylor was appointed as the Architect of the Bank of England, succeeding George Sampson. Taylor was responsible for the design and architectural aspects of the bank, including the iconic pediment above the entrance with a carved figure of Britannia.

After acquiring neighbouring plots of land, the Bank of England began to expand in 1765 with new buildings designed by architect Robert Taylor. The new buildings included a larger Court Room, Committee Room, halls, and offices dedicated to the management of stocks and dividends.

The credit crisis of 1772 was a significant banking crisis faced by the Bank of England, triggered by the bankruptcy of Alexander Fordyce.

During the 1780 Gordon Riots, rioters climbed on St Christopher le Stocks church to throw projectiles at the Bank of England. As a result, a nightly guard called the 'Bank Picquet' was established by soldiers of the Household Brigade to protect the bank and the Mansion House.

In 1781, the Bank of England became the bankers' bank, managing the idea and reality of the National Debt. It kept enough gold to pay its notes on demand until 1797 when the French Revolutionary Wars depleted its reserves.

In 1782, the church of St Christopher le Stocks was demolished, allowing the Bank of England to expand westwards along Threadneedle Street. This expansion included the completion of a new west wing designed by Robert Taylor.

In October 1788, Prime Minister William Pitt the Younger issued a Privy Council Order to the Bank of England, instructing it to cease redeeming banknotes with gold. This decision was made in an attempt to preserve the dwindling gold reserves amidst preparations for war with France.

In 1793, the first Bank of England £5 note was issued in response to the need for smaller denomination banknotes during the French Revolutionary Wars. This note, known as the 'White Fiver', replaced the previous £10 note and remained in circulation until 1957.

In 1795, John Soane rebuilt the Rotunda and two adjacent Transfer Offices at the Bank of England, replacing leaking timber roofs with more durable stonework.

During the Restriction Period in 1797, due to fears of invasion by France, the public rushed to the Bank of England to convert their banknotes into gold, causing a significant drop in the Bank's gold reserves.

During the French Revolutionary Wars in 1798, a Corps of bank Volunteers was established to defend the Bank of England in case of invasion, disbanding in 1814.

In 1811, a special clock was installed above the Pay Hall at the Bank of England by Thwaites & Co. This clock not only chimed the hours and quarters but also conveyed the time remotely to sixteen different offices around the site.

In 1820, the Bank of England issued low-denomination notes (£1 and £2) for the first time due to a shortage of gold coins. This led to a rise in forgery as the notes were handled by individuals unfamiliar with paper currency.

The 'panic of 1825' exposed the risks associated with the Bank of England's divided loyalties to its stockholders, the Government, and its commercial banking customers. The crisis led to liquidity issues, with Nathan Mayer Rothschild eventually supplying the bank with gold to avert a crisis.

The first Bank of England branch was opened in Gloucester on 19 July 1826. It was one of the most short-lived branches and was not very profitable, leading to the transfer of business to the Bristol branch in 1849.

In 1828, the Bank of England was extended and doubled in size to 3.5 acres by architect Sir John Soane. He enclosed it with a windowless wall, which remained in place until the structure was demolished in the 20th century.

In 1834, the Bank of England opened its Plymouth branch to assist the Royal Navy with its banking needs and provide easy access to banknotes.

Trading in the Rotunda at the Bank of England ceased in 1838, although it continued to be used for cashing fundholders' dividend warrants.

The Bank Charter Act of 1844 was a significant piece of legislation that aimed to regulate the issuing of banknotes by banks in England and Wales.

Bank of England started machine-printing banknotes and made them payable to the bearer in 1855, relieving the bank's workers from the manual signing process.

In 1866, the Bank of England was asked for help by Overend Gurney, but the Bank declined due to the broker's insolvency.

The Overend Gurney crisis of 1866 was a significant financial crisis in the UK. Overend Gurney, the largest discount house at the time, faced losses due to bad loans and ultimately suspended payments on 10 May 1866.

In 1870, the Chief Cashier at the Bank of England, George Forbes, became the sole individual authorized to sign Bank of England banknotes, a tradition that persists to this day.

In 1894, the first woman was officially employed by the Bank of England, marking a significant milestone in the institution's history.

In 1908, the Bank of England opened a sports centre in Roehampton for its staff, aiming to foster cooperation and understanding among employees of all ages and ranks. The facility also provided office accommodation, including the Record Office.

In 1913, a terrorist bombing was attempted outside the Bank of England building as part of the suffragette bombing and arson campaign by the Women's Social and Political Union (WSPU). The bomb was defused before detonation, preventing potential civilian casualties.

On August 10, 1914, the Governor of the Bank of England granted leave with full pay to as many clerks as possible to serve in the Defensive Forces of the Country.

In 1920, Montagu Norman assumed the position of Governor of the Bank of England, a role he held until 1944. He remains the longest-serving Governor of the Bank of England.

In 1925, Bank of England architect Sir Herbert Baker demolished the old Bank designed by Sir John Soane and built a new headquarters for the Bank of England on the same 3.5-acre Threadneedle Street site.

The Bank of England issued its first ever ten shilling note on November 22, 1928. The note featured a vignette of Britannia and had a red-brown color. Unlike previous notes, these notes were not dated but were identified by the Chief Cashier's signature.

In 1931, the Bank of England made the decision to take Britain off the gold standard due to the impact of the Great Depression spreading to Europe. This move marked a significant shift in the country's monetary policy.

The old Bank of England, which had been mostly three storeys high, was replaced by a new building in 1935. The new structure stood seven storeys above ground and three below, accommodating the increased staff and workload of the Bank.

In 1939, Exchange Controls were introduced in the UK at the outbreak of World War II, administered by the Bank of England. The bank played a crucial role during the war, relocating operations and staff to Hampshire and moving offices into underground vaults.

In November 1940, the clubhouse of the Bank of England sports centre was destroyed by an incendiary bomb during World War II.

In 1943, the Bank of England temporarily stopped issuing denominations greater than £5 to address the threat of counterfeiting during World War II.

In 1946, shortly after the end of Montagu Norman's tenure, the Bank of England was nationalised by the Labour government. The number of Directors was reduced to sixteen, with four full-time Executive Directors. The bank adopted Keynesian economics principles, focusing on 'easy money' and low-interest rates to stimulate aggregate demand.

The Plymouth branch of the Bank of England closed in 1949.

In 1957, the Bank of England opened the 'Bank of England New Change' building designed by Victor Heal. The building, London's biggest post-war rebuilding project at the time, housed staff amenities, office accommodation, and retail units. It was later sold in 2000 and demolished in 2007.

On 17 March 1960, the Bank of England issued its first banknote featuring HM Queen Elizabeth II. Prior to this, Britannia was the only character to appear on the banknotes.

In 1963, the Bank of England introduced the 'Series C' £5 note, which featured the portrait of Queen Elizabeth II for the first time. This note replaced the Series B note and was in circulation until 1971.

In 1968, the Bank of England introduced 'Giant' banknotes with a face value of £1 million. These notes have a unique design compared to other denominations and are securely kept within the Bank of England premises, similar to the 'Titans' worth £100 million. They serve a crucial role in supporting the value of Scottish and Northern Ireland banknotes.

In 1970, the Bank of England withdrew its '10 bob note' from circulation in preparation for Decimal Day in 1971. This move was part of the UK's transition to a decimal currency system.

In 1971, the Bank of England issued the 'Series D' £5 note, featuring a slightly older portrait of Queen Elizabeth II and a battle scene with the Duke of Wellington on the reverse. This note replaced the Series C note.

In 1977, the Bank of England set up a wholly owned subsidiary called Bank of England Nominees Limited (BOEN) with the objective of acting as a nominee or agent for various entities. BOEN was later granted an exemption from disclosure requirements under the Companies Act 1976.

In May 1979, the Bank of England established the Glasgow Office, which later evolved into the Agency for Scotland in 1997.

In 1981, the Bank of England issued a Series D design fifty pound note featuring the architect Christopher Wren and the plan of Saint Paul's Cathedral on the reverse.

On June 7, 1990, the Bank of England issued the 'Series E' £5 note, which became the smallest denomination issued by the Bank. This note, known as the 'Historical Series', changed the color to turquoise blue and incorporated design elements to prevent counterfeiting.

In October 1992, the Bank of England published its first Inflation Report as requested by the Chancellor. The report aimed to provide a detailed analysis of inflation trends and pressures in the economy.

In February 1993, the United Kingdom introduced the front and back design of the £2 coin. The new design aimed to enhance the aesthetics and security features of the currency.

In July 1994, the Bank of England commemorated its 300th anniversary, marking a significant milestone in its history.

In December 1995, the Bank of England sports centre opened its doors to local residents to help cover the increasing costs of the facility.

In October 1996, the Financial Stability Review (FSR) was initiated. This review plays a crucial role in assessing and ensuring the stability of the financial system, providing insights into potential risks and vulnerabilities.

On 6 May 1997, following the 1997 general election in the UK, the Chancellor of the Exchequer announced that the Bank of England would be granted operational independence over monetary policy. This marked a significant shift in the bank's role and responsibilities.

In June 1998, the Bank of England transferred its responsibility for the regulation and supervision of the banking and insurance industries to the Financial Services Authority. This move aimed to enhance financial stability and cooperation among regulatory bodies.

In 2000, the UK Debt Management Office also assumed control of government cash management.

On May 21, 2002, a new version of the Series E £5 note was introduced, featuring the prison reformer Elizabeth Fry. This note replaced the initial version that featured George Stephenson.

On March 31, 2003, the Bank of England sold its Bank Note Printing Operations. This move had implications for the financial and operational aspects of the central bank.

On 30 June 2003, Mervyn King assumed the position of Governor of the Bank of England, taking on a key leadership role in the institution.

The Stephenson £5 note was withdrawn as legal tender on October 21, 2003, after it was noticed that the wrong year for George Stephenson's death had been printed. Around 54 million of these notes were in circulation at the time of withdrawal.

At the end of 2004, Computershare replaced the Bank of England as the registrar for UK Government bonds, also known as 'gilts'.

On June 10, 2006, the Bank of England provided information about other British notes. This action aimed to enhance transparency and awareness regarding the currency notes issued by the central bank.

In 2007, Northern Rock Bank in the UK faced severe financial difficulties and had to borrow funds from the Bank of England, acting as a lender of last resort. This event highlighted the importance of central banks in maintaining liquidity and confidence in the financial system.

The Bank of England set up the Asset Purchase Facility (APF) in January 2009 to purchase high-quality assets and improve liquidity in credit markets.

As Britain's role in the world changed and the United States emerged as a leading power, the Bank of England's role also evolved. It continues to make important contributions to maintaining economic health in the world amidst globalization and the development of institutions like the European Union and the European Central Bank.

In 2011, the Bank of England established the Prudential Regulation Authority to regulate and supervise major banks, building societies, credit unions, insurers, and investment firms in the UK. This was part of the bank's efforts to enhance microprudential regulation in the financial sector.

In 2012, following the financial crisis of 2007-08, the UK Government introduced significant regulatory reforms through the Financial Services Act. This led to the establishment of the Prudential Regulation Authority (PRA) and the Financial Policy Committee (FPC) to oversee and regulate the financial system.

Canadian Mark Carney assumed the role of Governor of the Bank of England on July 1, 2013, becoming the first non-UK citizen to hold the position.

As of April 2014, the Bank of England held nearly 400,000 gold bullion bars, valued at £142 billion, making it the official gold reserves custodian for the UK and other countries.

On September 13, 2016, the Bank of England issued its first polymer banknote. This marked a significant milestone in the history of British currency.

BOEN was dissolved in July 2017 following liquidation.

Andrew Bailey succeeded Mark Carney as the Governor of the Bank of England on March 16, 2020.

Two Bank of England (BoE) policymakers expressed support for a potential rate reduction. This indicates a shift in the central bank's stance on monetary policy.

The Bank of England holds a meeting to discuss and potentially announce changes to interest rates.

The page was last updated on 31 January 2023.

The Bank of England plays a crucial role in maintaining monetary stability by ensuring stable prices and secure forms of payment. It adjusts the base interest rate and uses tools like quantitative easing to meet inflation targets.