The Bank of England was established by royal charter in London under William III, as a way of raising money for the government's war against France. A group of private subscribers lent the crown 1.2 million pounds, in return for the right to operate as a bank, and the Scottish merchant William Paterson was a key promoter. Over time the bank became the government's banker, managed the national debt and acted as a lender of last resort to other banks. It was nationalised in 1946 and given operational independence in setting interest rates in 1997. It is one of the oldest central banks in the world and is based on Threadneedle Street in the City of London.
Before and after
- from February 1692 to May 1693Salem Witch Trials
- 13 February 1692Massacre of Glencoe
- 28 January 1693Birth of Anna I of Russia
- 29 March 1693Founding of Curitiba
- 27 July 1694Founding of Bank of England
- 21 November 1694Birth of Voltaire
- 28 November 1694Death of Matsuo Bashō
- from 13 August 1695 to 15 August 1695Bombardment of Brussels
- 11 July 1696Founding of Academy of Arts, Berlin
More in Society, economy & sport
- 1632Founding of University of Amsterdam
- 8 September 1636Founding of Harvard University
- 26 March 1640Founding of University of Helsinki
- 19 December 1666Founding of Lund University
- 1698Founding of London Stock Exchange
- 1740Rise of Hasidic Judaism
The era
This moment belongs to the Early modern world (1500 CE to 1760 CE), voyages, printing and new ideas. You can also browse everything in the 17th century.