About Apprentice Employer
The Bank of England was founded as a private bank in 1694 to act as banker to the Government. Today we are the UK’s central bank. This timeline looks at some of the highlights from our long history.
The Bank of England began as a private bank that would act as a banker to the Government. It was primarily founded to fund the war effort against France. The King and Queen of the time, William and Mary, were two of the original stockholders.
The original Royal Charter of 1694, granted by King William and Queen Mary, explained that the Bank was founded to ‘promote the public Good and Benefit of our People’.
In essence, this is still used in today in our current mission statement: ‘Promoting the good of the people of the United Kingdom by maintaining monetary and financial stability’.
The Bank of England opened for business on 1 August 1694 in temporary accommodation in the Mercers’ Hall in Cheapside. It had a staff of just 17 clerks and two gatekeepers.