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The Bank Of England - Privately Owned? By T Bareham There seem to many who are unsure who actually owns the Bank Of England. Seemingly common answers include: The Saudi's, The US federal reserve, The Queen, and the most common one seems to be The Rothschild family. None of which are correct. The Bank of England was originally formed as a private bank by a Scotsman called William Paterson in 1694 for the purposes of lending money to the British Government. 150 years later in 1844 the bank was given a Royal Charter and the sole right to issue notes and coins. The Bank of England then moved from being privately owned into public owership in 1946 and gained a degree of independence in order to set interest rates independantly of the government during 1997. from the bank of England website: “As a public organisation, wholly-owned by Government, and with a significant public policy role, the Bank is accountable to Parliament” The Rothschild connection is generally held to have stemmed from the fact that a number of the family have served as directors over the years.

External Links

http://www.bankofengland.co.uk

Contributed by tbareham on December 2, 2008, at 2:59 PM UTC.

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