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England
(Animal)
Pound sterling
(Economy)
Quantitative easing
(Finance and Banking)
Mark Carney
(Politics)
De La Rue
(Manufacturing)
HM Treasury
(Economy)
 

See also

Bank of England

Knowledge Identifier: &Bank_of_England

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Bank of England

Central bank of the United Kingdom and the model on which most modern central banks have been based add

Category: Business (2)

Founded in 1946.

Countries: United Kingdom (63%), (20%), United States (7%)

Main connections: England, Monetary Policy Committee, Pound sterling

Linked to: Monetary Policy Committee, Financial Policy Committee, Governor of the Bank of England, Allies of World War II

 

Timeline


 

This timeline needs to be reviewed and corrected, as it has been automatically generated from multiple web sources.
Please help improve it by adding dated informations, images and videos about Bank of England.


1946

In 1946, shortly after the end of Norman's tenure, the bank was nationalised by the Labour government add something


1960

HM Treasury - These notes featured an image of King George V - Bank of England notes did not begin to display an image of the monarch until 1960


1968

International Financial Services London - British Invisibles itself originated in the "'Committee on Invisible Exports"', set up in April 1968 by the Bank of England and became the "'British Invisible Exports Council"'


1973

Thereafter, every night until 1973, a detachment of soldiers patrolled the perimeter to ensure the safety of the nation's gold add something


1976

Bank of England Nominees Limited was granted an exemption by Edmund Dell, Secretary of State for Trade, from the disclosure requirements under Section 27 of the Companies Act 1976, because, it was considered undesirable that the disclosure requirements should apply to certain categories of shareholders add something


1977

In 1977, the Bank set up a wholly owned subsidiary called Bank of England Nominees Limited , a private limited company, with two of its hundred £1 shares issued add something


1984

Johnson Matthey - To prevent a wider banking crisis the Bank of England organized a rescue package on the evening of 30 September 1984, purchasing JMB for £1


1987

London Platinum and Palladium Market - On 5 May 1987, the London Platinum and Palladium Market was established with close assistance by the Bank of England, which was the regulator of the precious metals market at that time


1992

The handing over of monetary policy to the Bank had been a key plank of the Liberal Democrats' economic policy since the 1992 general election add something


1993

Midland Bank - At the time it was one of the largest acquisitions in banking history, and gave HSBC a major foothold in Europe, which it needed to complement its existing business in Asia and the Americas, when it had to move its Hong Kong-based headquarters to London in 1 January 1993, accepting primary banking supervision by the Bank of England


1994

The first governor was Sir John Houblon, who is depicted in the £50 note issued in 1994 add something


1996

Conservative MP Nicholas Budgen had proposed this as a private member's bill in 1996, but the bill failed as it had the support of neither the government nor the opposition add something


1997

The 1997 Memorandum of Understanding describes the terms under which the Bank, the Treasury and the FSA work toward the common aim of increased financial stability add something

 

Pound sterling - In 1997, the newly elected Labour government handed over day-to-day control of interest rates to the Bank of England

 

United Kingdom - Since 1997 the Bank of England's Monetary Policy Committee, headed by the Governor of the Bank of England, has been responsible for setting interest rates at the level necessary to achieve the overall inflation target for the economy that is set by the Chancellor each year

 

Economy of the United Kingdom - Since 1997, the Bank of England's &Monetary_Policy_Committee, headed by the Governor of the Bank of England, has been responsible for setting interest rates at the level necessary to achieve the overall inflation target for the economy that is set by the Chancellor each year

 

On 6 May 1997, following the 1997 general election which brought a Labour government to power for the first time since 1979, it was announced by the Chancellor of the Exchequer, Gordon Brown, that the Bank would be granted operational independence over monetary policy add something

 

Monetary Policy Committee - Announced on 6 May 1997, only five days after that year's General Election, and officially given operational responsibility for setting interest rates in the Bank of England Act 1998, the Committee was designed to be independent of political interference and thus to add credibility to interest rate decisions

 

Monetary Policy Committee - On 6 May 1997, operational responsibility to set interest rates was granted to the independent Bank of England by the Chancellor of the Exchequer, Gordon Brown

 

DeAnne Julius - From September 1997 to May 2001, she was a full-time member of the Monetary Policy Committee of the Bank of England, and sat on the Court of the Bank of England until May 2004


1998

However, with the decision to grant the Bank operational independence, responsibility for government debt management was transferred to the new UK Debt Management Office in 1998, which took over government cash management in 2000 add something

 

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 add something

 

In 1998, the Bank was given responsibility for interest rate policy add something

 

Since 1998, the Monetary Policy Committee has had the responsibility for setting the official interest rate add something

 

Monetary Policy Committee - Guidelines for the creation of a new "Monetary Policy Committee" were laid out in the Bank of England Act 1998

 

Monetary Policy Committee - Under the Bank of England Act 1998 the Bank's Governor must write an open letter of explanation to the Chancellor of the Exchequer if inflation exceeds the target by more than one percentage point in either direction, and once every three months thereafter until prices are back within the allowed range

 

The Bank used to be responsible for the regulation and supervision of the banking and insurance industries, although this responsibility was transferred to the Financial Services Authority in June 1998 add something


2001

Shakespeare Schools Festival - "'Rupert Pennant-Rea"', Chairman of Henderson Group and Chairman of The Economist; formerly editor of The Economist and Deputy Governor of the Bank of England, and Chair of SSF since 2001


2002

The Bank decided to sell its bank note printing operations to De La Rue in December 2002, under the advice of Close Brothers Corporate Finance Ltd. add something


2003

Peter Jay - He was a non-executive director of the Bank of England from June 2003 to May 2009

 

He succeeded Sir Mervyn King, who took over on 30 June 2003 add something


2004

Computershare took over as the registrar for UK Government bonds from the Bank at the end of 2004 add something


2005

Harry Woolf, Baron Woolf - From September to December 2005 he conducted a review of the working methods of the European Court of Human Rights, and he is chairman of the Bank of England Financial Markets Law Committee


2006

In 2006, over £53 million in banknotes belonging to the bank was stolen from a depot in Tonbridge, Kent add something

 

Pound sterling - Inflation concerns in the UK led the Bank of England to raise interest rates in late 2006 and 2007

 

Midland Bank - The last head office of the Midland Bank, opposite the Bank of England in Poultry and Princes Street, was sold in 2006 to a Russian tycoon, with HSBC vacating the banking hall on the ground floor and huge underground deposit vaults in 2007


2008

After the financial crises in 2008 new banking legislation transferred the responsibility for regulation and supervision of the banking and insurance industries back to the Bank add something

 

Vince Cable - On the principle of the independence of the Bank of England, Cable said at the 2008 Liberal Democrat party conference, "The Government must not compromise the independence of the Bank of England by telling it to slash interest rates

 

Monetary Policy Committee - As of January 2008, Mervyn King, the Bank of England's Governor, was the only MPC member to have taken part in every meeting since 1997. but she is stepping down after July 2010

 

HBOS - In March 2008, HBOS shares fell 17 percent amid false rumours that it had asked the Bank of England for emergency funding

 

Libor - In September 2008, a former member of the Bank of England's &Monetary_Policy_Committee, Willem Buiter, described Libor as "the rate at which banks don't lend to each other", and called for its replacement


2009

Co-operative Banking Group - Further financial restructuring will be required, and the option of the Bank of England taking over the ownership of the bank under the Banking Act 2009 has been considered

 

The Co-operative Bank - The bondholders may seek to reject the restructuring proposed, and an alternative option of the Bank of England taking over the ownership of the bank under the Banking Act 2009 special resolution regime has been considered

 

The Bank has operated, since January 2009, an Asset Purchase Facility to buy "high-quality assets financed by the issue of Treasury bills and the DMO's cash management operations" and thereby improve liquidity in the credit markets add something

 

It has, since March 2009, provided the mechanism by which the Bank's policy of quantitative easing is achieved, under the auspices of the MPC. Along with the managing the £200 billion of QE funds, the APF continues to operate its corporate facilities add something

 

Kevin Whately - The BBC documentary "Who Do You Think You Are-", broadcast on 2 March 2009, revealed that Whately is a descendent, on his paternal side, of Thomas Whately of Nonsuch Park, a leading London merchant, English politician and writer who became a director of the Bank of England, and of Major Robert Thompson, a pioneer tobacco plantation owner in Virginia who was a staunch supporter of the Parliamentarian cause at the time of the English Commonwealth

 

Pound sterling - On 5 March 2009, the Bank of England announced that it would pump £75 billion of new capital into the British economy, through a process known as quantitative easing

 

Dunfermline Building Society - On 28 March 2009, reports indicated the Society was no longer viable, and would be put up for public sale, to be managed by the Bank of England

 

Quantitative easing - The Bank of England had purchased around £165 billion of assets by September 2009 and around £175 billion of assets by end of October 2010


2010

In 2010 the incoming Chancellor announced his intention to merge the FSA back into the Bank add something

 

Financial Services Authority - On 16 June 2010, the Chancellor of the Exchequer, George Osborne, announced plans to abolish the FSA and separate its responsibilities between a number of new agencies and the Bank of England


2011

In 2011 the interim Financial Policy Committee was created as a mirror committee to the MPC to spearhead the Bank's new mandate on financial stability add something

 

The Bank's Financial Policy Committee held its first meeting in June 2011 as a macro prudential regulator to oversee regulation of the UK's financial sector add something


2012

As of 2012, the current director for financial stability is Andy Haldane add something

 

Quantitative easing - In 2012 the Bank of England itself estimated that quantitative easing had benefited households differently, according to the assets they hold; richer households have more assets

 

These gold deposits were estimated in February 2012 to have a current market value of £156,000,000,000 add something

 

Quantitative easing - In August 2012 Bank of England issued a report stating that its policies of quantitative easing had benefited mainly the wealthy

 

Occupy movement - In October 2012 the Executive Director of Financial Stability at the Bank of England stated the protesters were right to criticise and had persuaded bankers and politicians "to behave in a more moral way"


2013

Scotland - The value of the Scottish banknotes in circulation in 2013 was £3,8 billion, underwritten by the Bank of England using funds deposited by each clearing bank, under the Banking Act 2009, in order to cover the total value of such notes in circulation

 

Mark Carney assumed the post of The Governor of the Bank of England on 1 July 2013 add something


2014

As of January 2014, the Bank has three Deputy Governors add something

 

Kristin Forbes - In May 2014, her appointment to the United Kingdom's Bank of England &Monetary_Policy_Committee was confirmed by Chancellor of the Exchequer George Osborne

 

The Co-operative Bank - However the bank is unlikely to meet the new Bank of England financial stress tests for December 2014


2015

Proposed referendum on United Kingdom membership of the European Union - In November 2015, Governor of Bank of England Mark Carney said that the Bank of England would do what is necessary to help UK economy if the British people vote to leave the EU.


2016

Until 2016, the bank provided personal banking services as a popular privilege for employees add something

 

Mark Carney - As Governor of the Bank of England, Carney was criticised during the 2016 EU membership referendum for giving pro-EU statements, something which has led to Leave campaigners and sections of the media to call for his resignation

 

As of April 2016, the Bank held around 400,000 bars, which is equivalent to 5,134 tonnes of gold add something

 

J. M. W. Turner - On 22 April 2016, it was announced by the Bank of England that Turner would appear on the next issue of the £20 note, as the result of a selection process to choose a representative from the field of visual arts

 

David Blanchflower - Blanchflower quit the panel and said he would wind up his review of the role of the Bank of England on 28 June 2016 following the mass resignations of the Shadow Cabinet, joining them in calling for Corbyn to step down

 

Quantitative easing - In August 2016, the Bank of England said it would buy an additional £60bn of UK government bonds and £10bn of corporate bonds, to address uncertainty over Brexit and worries about productivity and economic growth

 

Pound sterling - However, the Bank of England is scheduled to introduce £5 polymer banknotes in September 2016

 

De La Rue - In September 2016 The Bank of England issued the new UK five pound note, the first UK note to be printed on polymer


2017

These gold deposits were estimated in January 2017 to have a current market value of £161,000,000,000 add something

 

Proposed referendum on United Kingdom membership of the European Union - On 5 January 2017, Andy Haldane, former Chief Economist and the Executive Director of Monetary Analysis and Statistics at the Bank of England, admitted that the Bank's forecasts had proved inaccurate given the subsequent strong market performance, blaming the failure of economic models to cope with irrational behaviour in the modern era, and said that his "profession is to some degree in crisis" due to this and the unforeseen 2008 crash

 

Barclays - To ward off the effects of Brexit, Barclays borrowed £6bn from the Bank of England between April and June 2017, as part of a post-referendum stimulus package launched in August 2016

 

These gold deposits were estimated in July 2017 to have a current market value of £142,000,000,000 add something

 

Jane Austen - On 19 July 2017 a new £10 banknote was officially issued by the Bank of England, at Winchester Cathedral, but caused "outrage" that the portrait of Austen used on it had been "airbrushed"

 

CHAPS - Responsibility for the CHAPS system transferred from it to the Bank of England in November 2017


2018

These gold deposits were estimated in August 2018 to have a current market value of approximately £200 billion add something

 

Mark Carney - On the 4th September 2018, Carney announced he was happy to stay on as Governor of the Bank of England to ensure a "smooth" transition after the UK leaves the European Union


2019

At Government request, his term was extended to 2019, again to 2020 add something

 

Alan Turing - In July 2019, the Bank of England announced that Turing's portrait would appear on the next edition of the Bank of England £50 note, to be released in 2021