- published: 24 Jun 2016
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The Bank of England (formally the Governor and Company of the Bank of England) is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world (the oldest being the Sveriges Riksbank (Bank of Sweden), established in 1668). It was established to act as the English Government's banker, and to this day it still acts as the banker for HM Government. The Bank was privately owned and operated from its foundation in 1694. It was subordinated to the Treasury after 1931 in making policy and was nationalised in 1946.
In 1998, it became an independent public organisation, wholly owned by the Treasury Solicitor on behalf of the Government, with independence in setting monetary policy.
The Bank is one of eight banks authorised to issue banknotes in the United Kingdom, but has a monopoly on the issue of banknotes in England and Wales and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland.
England i/ˈɪŋɡlənd/ is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, while the North Sea to the east and the English Channel to the south separate it from continental Europe. Most of England comprises the central and southern part of the island of Great Britain in the North Atlantic. The country also includes over 100 smaller islands such as the Isles of Scilly and the Isle of Wight.
The area now called England was first inhabited by modern humans during the Upper Palaeolithic period, but it takes its name from the Angles, one of the Germanic tribes who settled during the 5th and 6th centuries. England became a unified state in AD 927, and since the Age of Discovery, which began during the 15th century, has had a significant cultural and legal impact on the wider world. The English language, the Anglican Church, and English law—the basis for the common law legal systems of many other countries around the world—developed in England, and the country's parliamentary system of government has been widely adopted by other nations. The Industrial Revolution began in 18th-century England, transforming its society into the world's first industrialised nation. England's Royal Society laid the foundations of modern experimental science.
Elizabeth II (Elizabeth Alexandra Mary; born 21 April 1926) is the constitutional monarch of 16 sovereign states known as the Commonwealth realms, and head of the 54-member Commonwealth of Nations. She is also head of state of the Crown Dependencies.
Elizabeth was born in London, and educated privately at home. Her father acceded to the throne as George VI in 1936 on the abdication of his brother Edward VIII. She began to undertake public duties during the Second World War, in which she served in the Auxiliary Territorial Service. On the death of her father in 1952, she became Head of the Commonwealth and queen regnant of seven independent Commonwealth countries: the United Kingdom, Canada, Australia, New Zealand, South Africa, Pakistan, and Ceylon. Her coronation service in 1953 was the first to be televised. Between 1956 and 1992, the number of her realms varied as territories gained independence and some realms became republics. Today, in addition to the first four aforementioned countries, Elizabeth is Queen of Jamaica, Barbados, the Bahamas, Grenada, Papua New Guinea, the Solomon Islands, Tuvalu, Saint Lucia, Saint Vincent and the Grenadines, Belize, Antigua and Barbuda, and Saint Kitts and Nevis.