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, centered on the management of the nation's currency and its position at the centre of the UK's financial system.
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History of the England Bank History 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, centered 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 molded 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.Слайд 2
In 1694 William Patterson, a wealthy businessman, subscribed considerable funds to help William III fight a war against France. In return for this help, Patterson was granted a Royal Charter to establish the Bank of England. The bank started at Mercer's Hall, Cheapside and later moved to Grocer's Hall, Princess Street. Finally, in 1734 the Bank of England established itself at Threadneedle Street. The building was enlarged by Sir John Soane in 1788.
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More About the Bank The Bank's roles and functions have evolved and changed over its three-hundred year history. Since its foundation, it has been the Government's banker and, since the late 18th century, it has been banker to the banking system more generally - the bankers' bank. As well as providing banking services to its customers, the Bank of England manages the UK's foreign exchange and gold reserves. The Bank has two core purposes - monetary stability and financial stability. The Bank is perhaps most visible to the general public through its banknotes and, more recently, its interest rate decisions. The Bank has had a monopoly on the issue of banknotes in England and Wales since the early 20th century. But it is only since 1997 that the Bank has had statutory responsibility for setting the UK's official interest rate. Interest rates decisions are taken by the Bank's Monetary Policy Committee. The MPC has to judge what interest rate is necessary to meet a target for overall inflation in the economy. The inflation target is set each year by the Chancellor of the Exchequer. The Bank implements its interest rate decisions through its financial market operations - it sets the interest rate at which the Bank lends to banks and other financial institutions. The Bank has close links with financial markets and institutions. This contact informs a great deal of its work, including its financial stability role and the collation and publication of monetary and banking statistics. The Bank of England is committed to increasing awareness and understanding of its activities and responsibilities, across both general and specialist audiences alike. It produces a large number of regular and ad hoc publications on key aspects of its work and offers a range of educational materials. The Bank offers technical assistance and advice to other central banks through its Centre for Central Banking Studies, and has a museum at its premises in Threadneedle Street in the City of London, open to members of the public free of charge.
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The Bank of England has been issuing banknotes for over 300 years. During that time, both the notes themselves and their role in society have undergone continual change. From today’s perspective, it is easy to accept that a piece of paper that costs a few pence to produce is worth five, ten, twenty or fifty pounds. Gaining and maintaining public confidence in the currency is a key role of the Bank of England and one which is essential to the proper functioning of the economy. The British Monetary System Banknotes On February 15, 1971 the traditional British monetary system was replaced by a simplified one based on decimals. Although the old, non-decimal system is no longer used in Britain, we .continue to meet references to it in books published before I971, or dealing with events prior to that year.
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The following coins went out of circulation long before 1971. 1. The Sovereign. The name derives from the Latin word "superanus", meaning "supreme", assimilated to "reign", as the coin bore a representation of the king (or queen) enthroned (or reigning supreme). A gold coin issued from the 15th to the 17th century, and then again (though as a smaller coin) from 1817 to 1917. Its value varied in early times, but was fixed at one pound in 1817. 2. The guinea. A gold coin current from 1663 to 1817, originally made of gold from Guinea in West Africa. Its original value was 20 shillings (or a pound), but from 1717 it was fixed at 21 shillings (or one pound one shilling). However, although the coin was no longer in circulation, "guinea" as a sum of money continued in use until 1971. 3. The crown. Originally a gold coin, first minted in 1526 and continuing in circulation until the late 17th century. Its value was five shillings. Silver crowns were minted from 1551. 4. The farthing. The mane comes from Old English "feorthing", meaning "a fourth part". A small bronze coin, value, a quarter of a penny. It gradually fell out of use during the first half of the 20th century and ceased to be legal tender in 1960.
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Sterling was originally the name of the Old English silver penny, which first appeared in the 12th century. A pound was a pound weight of silver pennies, or a pound of sterling, the language of that time. In the 16th century, “sterling” acquired the meaning: “money of the quality of the sterling or standard silver penny; genuine English”. Then from the 17th century it began to be used in the sense of the English money as opposed to foreign, money, and that is its modern meaning. From about 1918 to 1971 British currency consisted of pounds, shillings, and pence. There were twelve pence in a shilling, and twenty shillings in a pound, making 240 pence in a pound. In addition to pounds, shillings, and pence, the guinea and the half-crown were in use up to 1971, although they were not units of currency. When decimal currency was introduced in 1981, the value of the pound remained the same, but it was divided into 100 new units (instead of former 240) called “(new) pence. The new system thus consists of two units of currency: pounds and pence. One pound equals a hundred pence. The following coins are now in circulation: the (new) halfpenny – bronze; . the (new) penny – bronze; the two-pence piece – bronze; the five-pence piece – cupro-nickel; the ten-pence piece – cupro-nickel; the fifty-pence piece – the cupro-nickel. The following notes are now in circulation: the pound note; the five-pound note; the ten-pound note; . the twenty-pound note; the fifty-pound note. NOTE ON "STERLING"
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New £20 Banknote The Bank of England issued a new-style £20 note on 13 March 2007.The note features Adam Smith, one of the fathers of modern economics, on the back and incorporates enhanced security features. It is the same size and predominantly the same colour as the old-style £20 note that features Sir Edward Elgar on the back. The new-style £20 notes will circulate alongside the old-style Elgar note which will be progressively withdrawn from circulation. The date when its legal tender status ends will then be announced, as is usual practice. As with all Bank of England notes, they can always be exchanged for their face value at the Bank in London. Further details of the new note and enhanced security features are explained in a leaflet that is available as part of the Bank’s range of educational materials. You can also take a virtual tour of the new note. If you would like to receive any of the educational materials about all of our banknotes please complete the order form below or telephone 020 7601 4878.
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Security Features Security features help you to identify genuine banknotes. Take your time to check your notes, particularly if light conditions are poor or you are handling a large number of notes. Look for the security features described in these pages. Look at the note, and feel the note. Do not rely on one single feature. If you have doubts, compare the note with one that you know to be genuine. There are some counterfeit notes about. They are completely worthless. Don’t get caught out – protect yourself and check your banknotes when you receive them. It is a criminal offence to keep or pass on a note that you know to be counterfeit. If you have a note that you believe is a counterfeit you must take it to the police as soon as you can. They will provide you with a receipt and send the counterfeit to the Bank for analysis. If the note is genuine reimbursement will be made in full. Click on the images below to view the security features of each of the denominations currently in circulation.
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Markets The Monetary Policy Committee sets the Bank of England's official rate, the main instrument of monetary policy. The Bank implements this rate through its framework for operations in the sterling money markets. The Bank deals in the foreign exchange market as part of its day-to-day management of the "Exchange Equalization Account" - which holds the UK's foreign currency and gold reserves. These may be used, subject to policy objectives, to attempt to influence the exchange rate in case of need. The Bank also operates in the foreign exchange market on its own behalf, and acting on behalf of customers.
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Financial Stability - the Bank's role One of the Bank's two core purposes is to maintain the stability of the financial system. The Bank has to make sure the overall system is safe and secure and that threats to financial stability are detected and reduced. By monitoring and analyzing the behavior of participants in the financial system and the wider financial and economic environment, the Bank aims to identify potential vulnerabilities and risks, with a view to making the system stronger. The Bank's role includes oversight of payment systems - a crucial part of the financial system, which facilitate transactions between individuals, businesses and financial institutions.
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