InfoBritain

 

Bank Of England Museum, London

Statue of Wellington outside the Bank of England

Following the Glorious Revolution of 1688, and the installation of William And Mary on the throne, it was decided Britain's finances needed placing on a firmer footing. The revolution of 1688 confirmed Britain as a protestant country, now that the catholic James II had fled into exile. Protestantism had long been linked to commerce and banking, and one of the major innovations of this period was the creation of a national bank.

The Royal Charter for the bank's creation was signed on 27th July 1694. The bank's job was to serve as the government's banker and debt manager. In 1734 the bank moved to its present site in Threadneedle Street in The City of London, which gradually developed into the building we see today. The bank's present function is to issue British banknotes, set interest rates, and maintain the stability of the financial system. This was a vital innovation, and in the view of some historians explains Britain's rise to prominence as the world's leading power in the eighteenth and nineteenth centuries. Britain's system of large scale public borrowing allowed the defeat of its principal rival, France. As P.G.M. Dickson writes, public borrowing: "enabled England to spend on war out of all proportion to its tax revenue." (The Financial revolution In England P 9) France did not enjoy this advantage. Debt was a way of magically multiplying money, making Britain richer than it actually was.

There is a museum at the Bank of England where the history of this institution can be explored. There is a large collection of banknotes , coins, documents, pictures, photographs,cartoons, and furniture.

Opening Times: The museum is generally open Monday to Friday, 10am - 5pm, last admission 4.45pm. Closed at weekends, and on bank holidays. Admission is free.

Directions: The Bank of England Museum is in Threadneedle Street, in the City of London. Click here for an interactive road and satellite map centred on the Bank of England.

Address: Bank of England Museum, Threadneedle Street, London, EC2R 8AH

Access: portable ramps allow access for wheelchair users. It is important that disabled visitors contact the museum before their visit so that the ramps can be put out. Disabled toilet facilities are available. Braille guides can be obtained from the Information Desk. There are hearing loops in the cinema and with the self guided audio tour.

Contact:

telephone: 020 7601 5545

web site: http://www.bankofengland.co.uk/education/museum/index.htm